South Korea goals to construct a “mutually beneficial” strategic partnership with the US via bilateral commerce talks, Trade Minister Yeo Han-koo mentioned Friday earlier than departing for Washington, Yonhap news reported.
The go to comes simply days earlier than a 90-day pause on US reciprocal tariffs expires, because the Asian nation pushes for an exemption or discount from the tariffs, significantly the 25% levies on metal, cars, and different items.
“Based on the progress made in the consultations so far, we will do our utmost to ensure that Korean companies are not placed at a disadvantage compared to other countries,” Yeo mentioned on the Incheon International Airport.
“We will use this tariff negotiation as an opportunity to establish a new framework for a mutually beneficial strategic partnership between South Korea and the US.”
Yeo is ready to fulfill US Trade Representative Jamieson Greer and different senior officers to speed up negotiations. Talks will cowl key commerce points and potential cooperation on supporting a US “manufacturing renaissance,” in line with South Korea’s Trade Ministry.
The US has requested expanded entry to South Korea’s agriculture, automotive, digital, and repair sectors, Yeo instructed lawmakers earlier Friday. He mentioned Seoul will reply “flexibly,” taking into consideration each US calls for and home sensitivities.
“Depending on the progress of the negotiations, we will also actively push for extending the suspension of US reciprocal tariffs, if needed,” he added.
Separately, South Korea’s National Assembly authorized a supplementary price range value $23.3 billion, marking the primary such invoice handed below President Lee Jae Myung’s administration.
The legislature authorized the invoice in a 168-3 vote, with solely ruling Democratic Party lawmakers and minor events collaborating, as the principle opposition PPP boycotted the session.
The transfer adopted President Lee’s announcement of a debt reduction program in his early weeks in workplace, geared toward serving to round 1.23 million small business house owners unable to repay a mixed complete of roughly $16.3 billion.
Source: www.anews.com.tr