Jeju: South Korea has once again requested an exemption from all U.S. tariffs, as confirmed by Seoul's Industry Minister Ahn Duk-geun. This development follows a meeting with U.S. Trade Representative Jamieson Greer during the Asia-Pacific Economic Cooperation (APEC) trade ministers' meeting.
According to Yonhap News Agency, the two countries have agreed to hold a second round of technical discussions in Washington next week. The talks will cover six trade-related areas, including trade imbalances, non-tariff measures, economic security, and country of origin considerations. Minister Ahn indicated that additional high-level discussions are anticipated to occur in mid-June.
The recent meeting in Jeju marks a continuation of previous discussions held in Washington, aimed at formulating a comprehensive deal on tariffs and economic cooperation by July 8. The APEC meeting on Jeju, which concluded on Friday, saw Greer in attendance as part of the U.S. delegation.
In prior talks, South Korea and the U.S. focused on four main areas: tariff and non-tariff measures, economic security, investment cooperation, and currency policies. South Korea is seeking a reduction or exemption from U.S. tariffs, particularly the 25 percent reciprocal duties currently suspended for 90 days.
During a press briefing, Ahn emphasized South Korea's existing bilateral free trade agreement (FTA) with the U.S. and the expansion of trade and investment under this agreement. He highlighted the significant impact of U.S. tariffs on South Korean automobile and steel imports.
Ahn also pointed to South Korea's potential as a key partner in sectors like semiconductors, energy, and advanced technologies, and expressed a desire to build a long-term, constructive relationship with the U.S. that strengthens industrial cooperation.
Amid questions about South Korea's domestic political situation following the impeachment of former President Yoon Suk Yeol, Ahn assured that efforts are being made to meet the July 8 deadline for negotiations. However, he acknowledged that political factors could potentially delay the process.
Next week's technical discussions are set to include topics like digital trade, with specific interest shown by the U.S. in areas such as Google Maps and cloud computing. However, issues like shipbuilding cooperation and Seoul's potential involvement in the Alaska liquefied natural gas project will be addressed separately.
On the same day, Greer met with executives from HD Hyundai Heavy Industries Co. to discuss bilateral shipbuilding cooperation, a significant agenda in the trade negotiations. South Korea's leadership in the global shipbuilding industry aligns with the U.S. administration's goals to bolster its maritime sector.
Reflecting on recent developments, U.S. Secretary of the Navy John Phelan's visit to South Korean shipyards underscores America's interest in further collaboration. Meanwhile, South Korean officials are reviewing an invitation to a sustainable energy conference in Alaska, mindful of the proximity to the upcoming presidential election.