Agreement Reached Between South Korea and the US on Trade Progress: USTR
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Synopsis
On April 26, the USTR confirmed that South Korea and the US are committed to pursuing expedient and meaningful progress towards reciprocal and balanced trade. A productive bilateral meeting was held in Washington, with key discussions on tariffs and economic cooperation.
Key Takeaways
- South Korea and the US agreed to advance trade discussions.
- Meeting deemed productive by USTR.
- Focus on reciprocal and balanced trade.
- Future talks to address tariff measures, economic security, and investment cooperation.
- Technical discussions scheduled for next week.
Washington, April 26 (NationPress) The U.S. Trade Representative's Office (USTR) announced that South Korea and the United States have reached an agreement to pursue expedient and meaningful advancements towards reciprocal and balanced trade during a bilateral meeting held in Washington the day prior.
According to a readout, the meeting between USTR Jamieson Greer and Ahn Duk-geun, South Korea’s Minister of Trade, Industry and Energy (MOTIE), was deemed productive. The discussions took place as Seoul seeks to obtain exemptions and exceptions from the Trump administration's reciprocal and sectoral tariffs, as reported by the Yonhap news agency.
“During the fruitful meeting, Ambassador Greer emphasized the priorities of President Trump’s America First Trade Policy, and both parties recognized the significance of attaining expedient and meaningful progress towards reciprocal and balanced trade between the United States and Korea,” stated the office.
“The ministers deliberated on the subsequent steps between USTR and MOTIE, directing their teams to engage in technical discussions next week,” it continued.
Greer mentioned his upcoming participation in the ministerial Asia-Pacific Economic Cooperation (APEC) meeting on Jeju Island, South Korea, next month, as per the office's statement.
On the same day, Ahn and Greer, along with Seoul’s Finance Minister Choi Sang-mok and U.S. Treasury Secretary Scott Bessent, participated in two plus two consultations regarding tariffs and other related matters.
The Treasury Department highlighted Bessent’s favorable evaluation of Thursday’s discussions with South Korea.
“Secretary Bessent appreciated South Korea’s swift and positive engagement with the United States following President Trump’s conversation with Acting President Han on April 8,” the department stated in a separate readout.
“Bessent was encouraged by the discussions’ emphasis on an expanded equilibrium that promotes rather than limits trade,” it added.
Bessent also expressed gratitude to Choi and Ahn for their efforts to enhance the bilateral relationship by lowering trade barriers and boosting South Korean investment in the United States, according to the department.
Additionally, it noted that Bessent and Choi reaffirmed the strong bilateral relationship between the two nations and agreed to pursue further constructive discussions, including on currency policy.
During the high-level dialogues, both sides agreed to collaborate on formulating a package agreement addressing U.S. tariffs and bilateral economic and industrial cooperation before President Trump’s temporary suspension on reciprocal tariffs concludes on July 8, as per officials in Seoul.
They also concurred that future discussions would center on four key areas: tariff and non-tariff measures, economic security, investment cooperation, and currency policies. The two countries are set to initiate working-level talks regarding these issues next week.
