Seoul: U.S. and South Korea have made progress on their fraught trade deal. On the final leg of President Donald Trump’s tour of Asia, he met with his South Korean counterpart Lee Jae Myung. No agreement has officially been signed but Trump lauded the day as a “tremendous success” and said things were “pretty much finalised” while Seoul officials revealed a framework that includes gradual investments and cooperation on shipbuilding as well as reduced tariffs on South Korea’s auto industry.

According to France24.com, the discussions are aimed at strengthening economic ties between the two nations. The proposed framework suggests a focus on mutual investments that can bolster key industries, such as shipbuilding, which is crucial for both economies. Additionally, the reduced tariffs on South Korea’s auto industry could pave the way for increased automotive trade and collaboration.

The progress in negotiations reflects a strategic effort to enhance bilateral relations amid global trade tensions. The emphasis on cooperation in shipbuilding and the auto industry highlights sectors where both countries have significant stakes and expertise. While no formal agreement has been signed yet, the framework sets the stage for potential economic growth and collaboration, benefiting both nations in the long term.