Washington: 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 US$350 billion investment pledge under a bilateral trade deal struck in July.
According to Yonhap News Agency, Kim Yong-beom, the presidential chief of staff for policy, made the assessment, stating "It's not over until it's over," after he and Industry Minister Kim Jung-kwan met with U.S. Commerce Secretary Howard Lutnick in the U.S. capital. This meeting occurred less than a week after their previous engagement.
"Today, we had extensive discussions on the remaining issues. There was partial progress," Kim told reporters following the roughly two-hour meeting with Lutnick at the Commerce Department. The official reaffirmed that "one or two" issues remain unresolved, emphasizing the need for further discussion without elaborating on those specific issues.
Kim maintained a cautious tone when asked if the negotiations are in their final phase, asserting, "(Negotiations) are not in their final stage. As for negotiations, it's not over until it's over." He highlighted the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Korea as an "important" moment when queried about the possibility of concluding negotiations before the multilateral gathering.
Expectations persist that Seoul and Washington will strive to advance their trade talks significantly before an anticipated meeting between South Korean President Lee Jae Myung and U.S. 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 committed to investing $350 billion in the U.S. 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. However, the deal has yet to be implemented as negotiations continue to address differences over several sticking points, including funding the investment package.
Upon arriving at an airport near Washington earlier in the day, the presidential aide indicated that Seoul and Washington have made significant headway in their negotiations. "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," Kim told reporters.
Before departing for the U.S., Kim mentioned that Seoul and Washington have narrowed most differences, while reiterating his commitment to conduct negotiations based on Korea's national interests. Upon arrival in the U.S., Kim reiterated that progress has been made, though gaps remain on one or two subjects.
Kim emphasized the "major premise" of the negotiations, stating that Korea's investment plan must not negatively impact the country's economy. He expressed confidence that an agreement can be reached and implemented under this premise, and that the U.S. would also understand this necessity.
Following the talks with Lutnick, the two Seoul officials plan to travel to Atlanta before departing for Korea.