Kuala lumpur: Trade Minister Yeo Han-koo departed for Malaysia on Tuesday to attend a meeting of economic ministers of the Association of Southeast Asian Nations (ASEAN) and hold a bilateral meeting with U.S. Trade Representative (USTR) Jamieson Greer for tariff talks, Yeo's office said. Yeo will participate in the two-day ASEAN Economic Ministers' Meeting in Kuala Lumpur, focusing on economic and trade issues such as digital transformation, supply chains, and climate change.
According to Yonhap News Agency, Yeo will also engage in the South Korea-ASEAN economic ministers' meeting to evaluate the implementation status of their free trade agreement (FTA) and explore ways to enhance economic cooperation between the two parties. Additionally, he is scheduled to attend the ASEAN-plus-three meeting, which involves ASEAN, South Korea, China, and Japan, as well as the East Asia Summit, involving the 10 ASEAN member states and eight other countries, including Korea, China, Japan, the United States, Russia, and India.
Yeo emphasized the significance of the ASEAN economic ministers' meeting as a platform to fortify new trade cooperation with ASEAN, a vital region under South Korea's new southern policy. The meeting will also serve as a venue for bilateral discussions with various countries on economic cooperation, including the signing and improvement of FTAs. The minister highlighted the opportunity to diversify Korean companies' export markets and position Korea as a leader in shaping new trade rules, particularly in the digital domain.
On the sidelines of the ASEAN event, Yeo plans to hold bilateral discussions with the USTR and counterparts from the European Union, Australia, New Zealand, Singapore, and other nations, according to the ministry. Yeo and Greer are expected to discuss details of a bilateral framework trade agreement reached between Seoul and Washington in late July, which involves lowering tariffs and increasing Korean investment in the U.S. The countries are still working on resolving issues related to the financing of the planned investment and profit-sharing arrangements. Seoul has proposed a bilateral currency swap with Washington as a precautionary measure to prevent any potential confusion in Korea's foreign exchange market arising from the significant U.S. investment.