Seoul: South Korea and the United States will start working-level discussions next week to advance their agreement on trade tariffs and other areas of cooperation, Industry Minister Ahn Duk-geun said on Saturday.
Ahn made the remark as he returned from Washington, where he and Finance Minister Choi Sang-mok had the “two-plus-two” consultations on tariffs with Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.
The two sides agreed to craft a package deal for tariffs, and bilateral economic and industrial cooperation before the 90-day pause on the tariff measures expires on July 8, reports Yonhap news agency.
“We assess that we got off to a good start in the consultations,” Ahn told reporters upon arriving at Incheon International Airport, west of Seoul.
“Working-level consultations will get under way in earnest starting this week. We plan to finalize details on specific task forces,” he said.
During the “two-plus-two” talks, they agreed to have future talks focused on four categories: tariff and non-tariff measures, economic security, investment cooperation and currency policies.
Ahn has said the government plans to engage in consultations on the “July package” with the goal of securing a suspension of the tariffs.
“We plan to proceed with the consultations calmly and with prudence,” he said.
Regarding the “balance of trade,” which refers to the U.S. call for reducing trade deficits, Ahn said that the government is looking at expanding imports from the U.S. rather than reducing its shipments to it.
“We proposed various measures, including increasing energy imports,” he said.
Ahn also said South Korea highlighted its commitment to resolving non-tariff barriers and the two sides shared the understanding on active cooperation in shipbuilding.
Ahn said the two sides are expected to have another round of talks at the upcoming trade ministers’ meeting of the Asia-Pacific Economic Cooperation (APEC) summit, set to take place on South Korea’s Jeju Island next month.
(IANS)
