Seoul: South Korea and the United States are set to establish working groups this week for technical negotiations on various trade issues, including tariff measures and investment cooperation, as announced by a senior South Korean official on Monday. These groups will focus on discussions surrounding tariff and non-tariff measures, economic security, and investment cooperation. According to First Vice Industry Minister Park Sung-taek, the working groups are expected to commence discussions next week.
According to Yonhap News Agency, a ministerial-level meeting is scheduled during U.S. Trade Representative (USTR) Jamieson Greer's visit to South Korea next month to evaluate the progress of trade consultations. The USTR's visit coincides with the Asia-Pacific Economic Cooperation (APEC) trade ministers' meeting on Jeju Island. This development follows recent "2+2 trade consultations" held in Washington, D.C., where the two nations agreed to create a package deal addressing new U.S. tariffs and economic cooperation.
South Korea has proposed methods to address its trade surplus with the U.S. and enhance shipbuilding cooperation. Discussions on shipbuilding trends between Korean and U.S. companies aim to explore potential collaboration in rebuilding the U.S. shipbuilding industry. Park highlighted the U.S.'s interest in constructing new ships, with South Korea positioned to aid in reviving the U.S.'s global leadership in the sector.
On the Alaska liquefied natural gas (LNG) project, Park noted that the Seoul government is coordinating with the Alaskan government for a field inspection to evaluate the project's economic viability before deciding on participation. Regarding non-tariff measures, Park mentioned that decisions on trade barriers for negotiation are still pending.
The U.S. has raised concerns about non-tariff measures by South Korea, including restrictions on certain U.S. beef products, digital trade barriers, and regulations affecting online platform operators. Park emphasized the importance of transparency in trade negotiations with the U.S., stating that any initiation of procedures under trade treaties will be reported to the National Assembly.
Park emphasized the importance of adhering to deadlines, with a July 8 target for finalizing the package deal. This deadline aligns with the expiration of a 90-day suspension of U.S. reciprocal tariffs, emphasizing the need for timely yet careful negotiations.