Seoul, Oct 12 (NationPress) Finance Minister Koo Yun-cheol is anticipated to engage in discussions with US Treasury Secretary Scott Bessent later this week in Washington, DC, during international meetings, according to a source familiar with the situation, amidst slow advancements in tariff negotiations.

As part of a framework trade agreement aimed at reducing U.S. tariffs in July, both South Korea and the United States have preliminarily announced a $350 billion investment initiative from Seoul. South Korea has urged the U.S. to establish a bilateral currency swap, expressing concerns that a financial crisis could arise if direct investments in the U.S. occur without protective measures, as reported by Yonhap news agency.

Koo is scheduled to leave for Washington on Tuesday to participate in the Group of 20 finance ministers meetings and the annual sessions of the International Monetary Fund, as stated by the finance ministry on Sunday.

It is expected that Koo will have a bilateral meeting with Bessent during the multilateral gatherings, according to the source.

However, the specific timing and agenda of the potential meeting between Koo and Bessent remain unconfirmed, the source added.

While details of the ongoing trade discussions between South Korea and the U.S. are still unclear, it is reported that Seoul has also requested reasonable flexibility regarding the share of direct investments and a voice in choosing investment locations to secure commercial viability.

Nonetheless, Seoul and Washington have yet to finalize the specifics of the investment package and profit-sharing agreements, and have not managed to formalize the deal into a memorandum of understanding.

In September, Yun-cheol held discussions with Bessent concerning the particulars of South Korea's intended investment in the United States, a currency swap, and other matters during his visit to New York.