Seoul: The United States has requested increased access to South Korea's agriculture, automotive, digital, and services markets during recent bilateral trade consultations, according to Seoul's top trade negotiator. Trade Minister Yeo Han-koo, speaking at a meeting of the parliamentary committee on industry and trade, highlighted the U.S.'s emphasis on improved access in these sectors and the adoption of higher regulatory standards.
According to Yonhap News Agency, Yeo reported on the status of the ongoing trade consultations with the U.S. administration, outlining plans for full-fledged negotiations to the National Assembly. The discussions are part of the necessary procedures for signing a trade agreement under the Act on the Conclusion Procedure and Implementation of Commercial Treaties. While Yeo did not disclose specific details of Washington's requests, they seem to align with issues highlighted in the U.S. Trade Representative's report on foreign trade barriers.
The USTR report identified several non-tariff trade measures by Seoul, such as an import ban on American beef from cattle aged 30 months or older, emission-related regulations on imported vehicles, proposed online platform regulations, and restrictions on the export of location-based data. Additionally, the U.S. has urged South Korea to expand the use of U.S.-made materials and equipment, as well as to enhance supply chain stability and prevent tariff circumvention through third countries.
On the commercial front, the U.S. administration has encouraged Korean companies to increase investments in the U.S. and boost energy imports. Yeo indicated that the South Korean government plans to respond flexibly, weighing the level of U.S. demands against political and security considerations within Korea.
The trade consultations have focused on six areas: balanced trade, non-tariff measures, economic security, digital trade, country of origin issues, and commercial considerations, according to South Korea's Ministry of Trade, Industry and Energy. South Korea is aiming for a full exemption or reduction of the 25 percent reciprocal tariffs imposed by the previous U.S. administration, seeking to craft a package deal on tariff and economic cooperation by July 8.
To expedite the negotiations, Yeo plans to visit Washington this weekend to meet with U.S. Trade Representative Jamieson Greer and other senior U.S. trade officials. This will be Yeo's second visit to the U.S. capital since assuming office last month.
Yeo stated his intention to present proposals on key issues during the visit and explore ways to foster mutually beneficial industrial cooperation between South Korea and the United States. He also expressed a willingness to push for an extension of the suspension of U.S. reciprocal tariffs, depending on the progress of the negotiations, with the goal of reaching an agreement with the U.S. as soon as possible.