President Yoon Suk Yeol, U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida arrive for a press conference during a trilateral summit at Camp David in Maryland, Aug. 18, 2023. AFP-Yonhap

In his first two years in office, President Yoon Suk Yeol focused on aligning with like-minded allies, such as the United States and Japan, to address security challenges posed by its nuclear-armed northern neighbor.

Characterizing its strategy as "values-based diplomacy," the government worked hard to upgrade its security-focused alliance with the U.S. into the Global Comprehensive Strategic Alliance, while restoring diplomatic relations with Japan that had been strained for several years, a period of progress that has paved the way for a strengthened trilateral partnership between Seoul, Washington and Tokyo.

However, this strategy has encountered a certain degree of pushback from other neighboring countries, in particular, China and Russia.

Bilateral relations with China faltered, while those with Russia arguably reached their lowest point since the establishment of diplomatic ties in 1990.

The Kim Jong-un regime, now backed by Moscow, responded with intensified aggression to the Seoul-Washington-Japan trilateral cooperation grouping. At the beginning of this year, the North singled out South Korea as its No. 1 enemy state and made it clear that the regime would no longer pursue reconciliation with South Korea.

"In essence, the past two years have seen the Yoon administration readjusting relations with the U.S., China and North Korea, abandoning the strategies implemented by the previous Moon Jae-in government that Yoon seems to have deemed as problematic," said Cho Han-bum, a senior research fellow at the state-run Korea Institute for National Unification.

"It is too early to determine whether this strategy is a success or not, but the next three years will be decisive in addressing the remaining tasks," he added.

Kim Heung-kyu, head of the U.S-China Policy Institute at Ajou University, pointed to bolstered trilateral cooperation with the U.S. and Japan as an achievement of Yoon's foreign policies. However, he questioned whether the government was ready to deal with the associated costs.

Russian President Vladimir Putin, left, and Chinese President Xi Jinping talk during their meeting on the sidelines of the Belt and Road Forum in Beijing, China in this Oct. 17, 2023 photo. AP-Yonhap

"It wouldn't be an exaggeration to say that the Yoon administration is one of the most pro-American governments South Korea has ever seen," Kim said.

"Aligning with Washington could have been a successful strategy in the past when the U.S.-led world order held sway. However, in today's complex and multi-faceted international landscape, adopting an overtly pro-American stance entails greater costs."

Busan's failed bid for the World Expo in 2030 last year underscored the limitations of the Yoon administration's diplomatic strategy based on the "democracy versus authoritarianism" narrative, Kim said.

During the Bureau International des Expositions (BIE) vote in November to pick the host city for the 2030 edition, Busan won only 29 votes out of a total of 165, marking a significant voting disparity with Saudi Arabia's Riyadh, which secured 119 votes.

This was a dismal result considering the vigorous campaign launched by government officials and business leaders, who traveled to dozens of nations to engage in diplomacy over the span of 500 days leading up to the vote.

"Not only were the results disappointing, but what's worse was the fact that until the voting day, our government believed Busan had a fair chance, showing the misguidance of the Yoon administration's diplomatic strategies," Kim said.

In that sense, observers suggested that the government make necessary realignments in its foreign policy during the next few years to come.

In particular, improving relations with Russia is becoming increasingly crucial as the friendly nation to North Korea could play a bigger role in matters concerning the Korean Peninsula. Also, normalizing ties with China, South Korea's nation's largest trade partner, remains essential for the nation's export-driven economy.

However, Kim expressed skepticism about seeing any changes from the Yoon administration on diplomatic fronts, saying, "The government still seems to believe that it's on the right track."

Following the ruling People Power Party's crushing defeat in the April 10 parliamentary elections, during which it managed to secure just 108 seats out of the total 300, Yoon initiated a significant reshuffle of his senior aides, in an apparent effort to better heed public's concerns.

Nevertheless, National Security Adviser Chang Ho-jin still remains in his post, Kim pointed out, indicating the president's firm belief in his foreign policy strategy.

"The government should reconsider its inflexible approach to diplomacy. Rather than solely pursuing short-term gains, it should embrace long-term policy objectives, recognizing that major countries are employing dual-track diplomacy tactics amid the U.S.-China strategic rivalry," Kim said.

President Yoon Suk Yeol and U.S. President Joe Biden raise hands together at an official state dinner during Yoon's visit to the White House in Washington, April 26, 2023. Reuters-Yonhap