A senior South Korean official noted “partial progress” in trade negotiations with the United States in Washington on Wednesday, as the two countries strive to bridge their differences over how to implement Seoul’s $350 billion investment pledge under a bilateral trade deal struck in July.
Kim Yong-beom, the presidential chief of staff for policy, made the assessment, saying “It’s not over until it’s over,” after he and Industry Minister Kim Jung-kwan met with US Commerce Secretary Howard Lutnick in the US capital, less than a week after their previous meeting.
“Today, we had extensive discussions on the remaining issues. There was partial progress,” Kim told reporters after the roughly two-hour meeting with Lutnick at the Commerce Department.
The official reaffirmed that “one or two” issues remain unresolved, underlining the need for further discussion. He did not elaborate on those issues.
He struck a cautious tone, responding to a question about whether the negotiations are in their last phase.
“(Negotiations) are not in their final stage. As for negotiations, it’s not over until it’s over.”
He described the Asia-Pacific Economic Cooperation summit, set to take place in Korea on Oct. 31 and Nov. 1, as an “important” moment, when asked if the negotiations can be concluded before the multilateral gathering.
Expectations have continued that Seoul and Washington will seek to make as much progress as possible in their trade talks before an anticipated meeting between South Korean President Lee Jae Myung and US President Donald Trump in Korea likely ahead of the APEC gathering.
The two countries reached a framework trade deal in late July, under which Seoul has committed to investing $350 billion in the US, among other pledges, in return for Washington’s agreement to lower its “reciprocal” tariff and sector-specific duty on South Korean autos to 15 percent from 25 percent.
But the deal has yet to go into force amid negotiations to reconcile differences over a series of sticking points, including how to fund the investment package.
Upon arrival at an airport near Washington earlier in the day, the presidential aide signaled that Seoul and Washington have made much headway in their negotiations.
“(The two countries) have come quite to the tail end,” Kim told reporters. “The countries have engaged in negotiations for a few months, and both countries have had earnest discussions on key issues in a very constructive, productive manner over the past several weeks.”
Before departing for the US, he told reporters that Seoul and Washington have narrowed most differences, while reiterating that he would conduct the negotiations based on Korea’s national interests.
The presidential aide made a similar point upon arriving in the US on Wednesday morning.
“The fact that the two sides keep meeting means that there has been progress … (The two sides’) views have come close on many subjects, but when it comes to one or two subjects, gaps in positions remain wide,” Kim said.
Kim reiterated the “major premise” of the negotiations: Korea’s investment plan must not give an adverse shock to the country’s economy.
“(Based on that premise), an agreement can be reached and implemented. The US will also understand that,” he said.
After the talks with Lutnick, the two Seoul officials plan to travel to Atlanta where they will depart for Korea. (Yonhap)
- 2 NK soldiers briefly cross MDL to apparently chase defecting soldier: sources
- Hybe partners with LAFC
- N. Korea breaks ground on memorial museum for its troops killed in Russia’s war with Ukraine
- Seoul shares open sharply higher on eased US-China tensions
- Lee says ‘carefully’ reviewing impact on financial markets during US tariff talks
Most Commented