Seoul: South Korea will discuss ways to bolster the country’s cooperation with the United States in the shipbuilding and energy sectors at the upcoming bilateral “2+2 trade consultations,” Seoul’s top trade official said on Wednesday.
Seoul has highlighted such cooperation as a way of addressing the trade imbalance between the allies, which has prompted Washington to impose hefty import tariffs on South Korea under its broader tariff scheme affecting all its major trading partners, reports Yonhap News Agency.
“We plan to discuss the trade imbalance issue, as well as industrial cooperation in the shipbuilding and energy sectors,” Industry Minister Ahn Duk-geun told reporters as he headed to Washington for the high-level talks with the U.S. that will also be attended by Finance Minister Choi Sang-mok.
The two South Korean ministers are scheduled to meet U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative (USTR) Jamieson Greer for the “2+2” talks on Thursday (US time).
Ahn said he and Choi will “work to lay the foundation for future negotiations on the items. We will engage in the negotiations with a calm and deliberate approach.”
The planned meeting comes after US President Donald Trump’s administration began imposing country-specific “reciprocal” tariffs, including 25 percent duties on South Korea, temporarily lowered to 10 percent for a 90-day period to allow negotiations.
Choi left for Washington on Tuesday as he is set to attend a series of other key economic meetings in the U.S. capital, including the Group of 20 (G20) meeting of finance ministers and central bank governors.
On the possibility of the defence cost sharing issue coming up unexpectedly, Ahn said the government is preparing for such a scenario, noting the issue had come up in earlier trade negotiations between the U.S. and Japan.
“We are also preparing for the possibility of having to meet with President Trump face-to-face,” he said, highlighting the U.S. president’s surprise appearance at the U.S.-Japan talks last week.
Ahn said the government is working to “swiftly” devise a remedy for the Korean automotive industry, ailing from a 25 percent tariff imposed by the U.S. on all vehicle and auto parts imports since April 3.
On concerns over the leadership vacuum in South Korea, Ahn said the government “will do its best for the time being, and if more time is needed, pass the baton to the next government to protect the local industries.”
Following the “2+2” meeting, Ahn plans to hold a separate one-on-one meeting with Greer to discuss non-tariff barrier issues and the USTR’s recent announcement of fees on foreign-built car carrier vessels when entering U.S. ports.
In addition to the finance and industry ministers, officials from the foreign affairs, science, agriculture and other government ministries will also visit Washington as part of the South Korean delegation to the trade talks.
(IANS)
