Seoul: South Korea's presidential office expressed its desire to make headway in the stalled trade negotiations with the United States ahead of the upcoming Asia-Pacific Economic Cooperation (APEC) summit. The South Korean government aims to reach an agreement before the summit, which is scheduled for late October in Gyeongju.
According to Yonhap News Agency, National Security Adviser Wi Sung-lac made these remarks while accompanying President Lee Jae Myung on his trip to New York. The trade negotiations have been slow-moving, particularly concerning Seoul's $350 billion investment pledge that is tied to reducing U.S. tariffs on Korean products from 25 percent to 15 percent.
Wi indicated that while negotiators are ironing out the specifics, the forthcoming APEC summit presents a potential opportunity to finalize the agreement. However, he noted that both parties are open to reaching an accord before the summit if mutual understanding is achieved. "It would be good to clinch (a trade deal) in light of the APEC summit, but (negotiators) are engaging in talks with the position that an agreement could be reached before then if the two sides find common ground," Wi stated to reporters.
The summit is anticipated to be the setting for President Lee's second meeting with U.S. President Donald Trump, who has confirmed his attendance. Moreover, Wi mentioned that Seoul is advocating for a currency swap arrangement with Washington and remains hopeful that a consensus can be reached on this issue as well.
During his visit to New York, President Lee also engaged with a delegation of U.S. lawmakers to discuss Seoul's investment pledge and the challenges in the ongoing trade negotiations, seeking their support for a favorable deal.