Seoul: South Korea’s top trade negotiator held a pan-government meeting on Tuesday to discuss strategy for tariff negotiations with the United States as the two countries are expected to hold additional rounds of trade talks in coming weeks, Seoul’s industry ministry said.
Trade Minister Yeo Han-koo met with officials from the finance, land, agriculture, oceans and other ministries that are dealing with items involved in the ongoing negotiations between Seoul and Washington on tariffs and other trade issues, according to the Ministry of Trade, Industry and Energy.
The meeting was held to devise a detailed response strategy for each item on the negotiation table, the ministry added, reports Yonhap news agency.
In the meeting, Yeo asked the ministries to actively review measures that can ensure a “win-win” agreement for both countries, noting the allies are expected to hold “intense” negotiations in the coming weeks.
“South Korea has been lagging behind other major countries in trade negotiations with the U.S. due to various uncertainties,” Yeo said, apparently referring to the recent change in the country’s leadership.
“Since we now have a government with democratic legitimacy, we must work to successfully conclude the trade negotiations with the U.S.,” he added. “This should also serve as an opportunity to enhance our industrial competitiveness and create new growth engines by advancing our systems and streamlining regulations in line with the new government’s philosophy on growth.”
Asked about when he will meet his U.S. counterpart for further trade negotiations, Yeo said his ministry was still arranging his visit to Washington, noting Seoul will hold “shuttle” meetings on a trade ministers’ level and technical discussions with Washington in the near future.
An envisioned meeting between South Korean President Lee Jae Myung and U.S. President Donald Trump on the sidelines of the ongoing Group of Seven (G7) summit in Canada fell through as the U.S. leader abruptly left the event earlier than scheduled due to the Israel-Iran conflict.
Seoul aims to get a full exemption or reduction of U.S. reciprocal tariffs and heavy duties on all steel and automobile imports by crafting a package deal covering tariffs, non-tariff measures, economic cooperation and other trade issues by July 8 — when the U.S. administration’s suspension of reciprocal tariffs, including a 25 percent duty for South Korea, will end.
The Trump administration has raised issues with South Korea’s big trade surplus with the U.S. and various non-tariff trade barriers.
Earlier this year, the office of the U.S. Trade Representative (USTR) issued an annual report on foreign trade barriers, citing a wide range of Korea’s non-tariff measures, such as its import ban on American beef from cattle aged 30 months or older, emission-related regulations on imported cars and restrictions on overseas transfer of high-precision map data.
(IANS)
