Washington: The United States is eager to finalize a trade agreement with South Korea as soon as Seoul is prepared to make "appropriate" commitments, a senior U.S. official stated Friday. This comes as both countries work to bridge differences on implementing South Korea's $350 billion investment pledge under the existing framework deal.
According to Yonhap News Agency, the official made these remarks during an online press briefing, amidst uncertainty over whether Seoul and Washington could reach a breakthrough to finalize the deal's details before or during a summit between Korean President Lee Jae Myung and U.S. President Donald Trump, scheduled for Wednesday in Korea. President Trump is expected to arrive in Korea for a two-day state visit on Wednesday and Thursday, coinciding with Korea's hosting of the Asia-Pacific Economic Cooperation summit in Gyeongju on October 31 and November 1.
The U.S. official emphasized the urgency of reaching an agreement, stating, "We are very keen to nail down a deal with Korea as soon as possible, as soon as they're willing to take the commitments that we think are appropriate." The official also reiterated the Trump administration's interest in shipbuilding cooperation with South Korea, highlighting the value of South Korea's expertise and capital in reviving America's manufacturing, defense, shipbuilding, and submarine industries.
The trade deal, initially agreed upon in late July, includes Seoul's commitment to invest $350 billion in the U.S. In return, Washington agreed to lower its "reciprocal" tariff and sector-specific duty on South Korean automobiles to 15 percent from 25 percent. However, the deal has yet to take effect due to ongoing negotiations to resolve several sticking points, including the funding of the investment package.
In recent weeks, top South Korean officials, including Kim Yong-beom, the presidential chief of staff for policy, Finance Minister Koo Yun-cheol, and Industry Minister Kim Jung-kwan, have made multiple visits to Washington. These visits underscore Seoul's intensified efforts to resolve differences and advance the trade talks.