Jeju: South Korean Trade Minister Cheong In-kyo met with U.S. Trade Representative Jamieson Greer on Thursday to discuss tariff and trade issues during the Asia-Pacific Economic Cooperation (APEC) trade ministers' meeting, as reported by Seoul's industry ministry.
According to Yonhap News Agency, Cheong and Greer conducted a one-on-one meeting at approximately 7:30 p.m., following the conclusion of the first day of the APEC Ministers Responsible for Trade Meeting on Jeju Island. The focus of the discussion was on pending trade issues between the two nations and the progress of Washington's trade negotiations with other countries, as stated by the Ministry of Trade, Industry and Energy.
Cheong emphasized to reporters the importance of maximizing the benefits of Greer's visit, indicating that the Seoul government aims for structured negotiations with the U.S. He acknowledged that while South Korea was among the first to initiate trade talks with the U.S., the forthcoming presidential election in June is affecting the pace of ongoing negotiations.
The meeting on Thursday follows last month's agreement between the countries to develop a "package" deal addressing U.S. tariffs and economic cooperation by early July. This timeline is significant as the 90-day pause on new U.S. tariffs, including 25 percent duties on South Korean goods, will conclude. Seoul has proposed enhancing bilateral cooperation in the shipbuilding and energy sectors to mitigate U.S. tariffs on Korean products.
Greer is also scheduled to meet South Korea's Minister of Trade, Industry and Energy Ahn Duk-geun on Friday. The APEC ministerial meeting, which commenced earlier that day, is slated to conclude on Friday. The event is garnering significant attention as South Korea, Japan, China, and other major APEC members are engaged in trade discussions with Washington.
Greer previously met with Chinese trade envoy Li Chenggang during the APEC meeting, as noted by Seoul officials, although details of their meeting were not disclosed. Their countries recently reached an agreement in Geneva to temporarily reduce tariffs for 90 days, with U.S. tariffs on Chinese goods reduced to 30 percent from 145 percent, and Chinese tariffs on U.S. goods decreased to 10 percent from 125 percent.
Minister Cheong also held discussions with the Chinese trade envoy earlier in the day about the multilateral trade system and global supply chain issues. Li highlighted the significance of multilateralism and China's role in supporting global supply chains, although economic security was not part of their discussions.