Seoul: South Korea and the United States have agreed to set up working-level consultative bodies aimed at enhancing bilateral cooperation in the shipbuilding and energy sectors, alongside discussions on a new U.S. tariff scheme, as confirmed by South Korea's industry minister.
According to Yonhap News Agency, South Korea is the first nation to engage in working-level consultative bodies with the new U.S. administration concerning tariff negotiations and bilateral cooperation. Industry Minister Ahn Duk-geun announced during a press briefing on his recent visit to Washington that these channels will commence operations as soon as possible.
The plan includes the creation of four distinct channels focused on shipbuilding collaboration, energy cooperation-specifically South Korea's potential involvement in the Alaska LNG project-tariffs, and non-tariff barriers. This agreement emerged from Ahn's three-day visit to Washington, where he held discussions with U.S. Secretary of Commerce Howard Lutnick, USTR Jamieson Greer, U.S. Secretary of Interior Doug Burgum, and others to address the Donald Trump administration's new tariff scheme.
Ahn's visit coincided with growing concerns over the U.S. government's potential imposition of 25 percent tariffs on all steel and aluminum imports, alongside considerations for reciprocal tariffs on trade partners and new tariffs on cars, chips, and pharmaceuticals. Ahn emphasized the importance of establishing a negotiation channel with the U.S., highlighting the long-term nature of the bilateral relationship.
Ahn also stressed South Korea's economic decoupling from China and its deepening industrial ties with the U.S., which include significant corporate investments in America. He conveyed to U.S. officials that consistency in U.S. policies is crucial for the continuation of South Korean enterprises' planned investments.
Furthermore, Ahn expressed South Korea's interest in participating in the Alaska gas pipeline development project, aligning with efforts to boost energy imports from the U.S. and reduce the trade surplus. Washington's trade officials showed interest in Ahn's proposal for Korean shipbuilders to manufacture warships, tankers, and icebreakers for the U.S. on a preferential basis, as part of measures to strengthen collaboration in the shipbuilding industry.