Seoul: South Korean President Lee Jae Myung was set to meet with leaders of key conglomerates later on Sunday to discuss follow-up measures following the release of a joint fact sheet on bilateral trade and security agreements with the United States.
The meeting comes two days after Seoul and Washington released the joint document outlining agreements reached in their recent summit talks, including Seoul’s US$350 billion investment plans in the U.S. in exchange for reducing U.S. tariffs from 25 percent to 15 percent, reports Yonhap news agency.
The meeting, scheduled for 2 p.m., will be attended by Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo and several other chief executives of conglomerates, including HD Hyundai and Hanwha, according to the presidential office.
In the meeting, Lee is expected to explain the details of the final trade deal and steps that could follow, as well as underscore the need to work together as “one team” in adapting to various changes in the current trade landscape.
The fact sheet covers core business sectors of the companies whose leaders will attend the meeting, including semiconductors, automobiles, the defense industry and pharmaceuticals.
Meanwhile, a joint fact sheet encompassing trade and security agreements between South Korea and the United States shows the bilateral alliance “moving forward,” but questions remain over implementation details, and potential financial, geopolitical and other difficulties ahead, experts said.
Last week, the two countries released the document outlining the results of the two summits that President Lee Jae Myung and U.S. President Donald Trump held at the White House in Washington in August and in Korea’s southeastern city of Gyeongju last month ahead of the Asia-Pacific Economic Cooperation summit.
It contains a wide range of agreements and understandings, including U.S. approval for Seoul’s push to build nuclear-powered submarines and its support for the Asian ally’s drive to secure uranium enrichment and spent nuclear fuel reprocessing capabilities.
(IANS)
