South Korea and the US to Initiate Working-Level Tariff Discussions Next Week
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Synopsis
Next week, South Korea and the United States will initiate working-level discussions to enhance trade tariff agreements and cooperation. Industry Minister Ahn Duk-geun announced this following his return from Washington, where key negotiations took place.
Key Takeaways
- Working-level discussions to commence next week.
- Focus on tariff agreements and economic cooperation.
- Negotiations aim to finalize a deal before the July 8 deadline.
- Plan to increase imports from the U.S. rather than reduce exports.
- Future talks will address key economic categories.
Seoul, April 26 (NationPress) - Next week, South Korea and the United States will commence working-level negotiations aimed at enhancing their agreement on trade tariffs and other collaborative areas, as stated by Industry Minister Ahn Duk-geun on Saturday.
Ahn's comments came upon his return from Washington, where he and Finance Minister Choi Sang-mok participated in the "two-plus-two" discussions regarding tariffs with Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.
The two nations have consented to develop a comprehensive package concerning tariffs and bilateral economic and industrial collaboration ahead of the 90-day tariff measure suspension that concludes on July 8, as reported by Yonhap news agency.
"We believe that the consultations have commenced positively," Ahn informed journalists upon his arrival at Incheon International Airport, located west of Seoul.
“Working-level discussions will intensify starting this week, with plans to finalize specifics on designated task forces,” he added.
During the "two-plus-two" consultations, the parties agreed to center future discussions on four key areas: tariff and non-tariff measures, economic security, investment cooperation, and currency policies.
Ahn indicated that the government intends to engage in talks regarding the "July package" with the aim of securing a suspension of tariffs.
"We plan to conduct the discussions with calmness and prudence," he stated.
Concerning the "balance of trade"—referring to the U.S.'s demand for reduced trade deficits—Ahn mentioned that the government is focused on increasing imports from the U.S. instead of cutting its exports to them.
"We have proposed various initiatives, including amplifying energy imports," he noted.
Ahn also emphasized South Korea's dedication to addressing non-tariff barriers and mentioned that both sides agreed on proactive cooperation in the shipbuilding sector.
Additionally, Ahn anticipated another round of discussions during the forthcoming trade ministers' meeting at the Asia-Pacific Economic Cooperation (APEC) summit, scheduled for next month on Jeju Island, South Korea.
