Seoul, June 12
South Korea will expedite the ongoing trade negotiations with the United States with the new government in place, the new trade minister said on Thursday, as Seoul has less than a month to make a deal with Washington before the temporary pause of US reciprocal tariffs ends.
"As the country now has a new government that has democratic legitimacy and a clear mandate, we will expedite the 'shuttle negotiations' with the US at a trade minister's level," Yeo Han-koo, South Korea's new trade minister, said in his inauguration address.
"Through this process, the government will create a new structural framework for mutually beneficial Korea-US cooperation in industry, trade and investment over the next five years."
Yeo added he will work to achieve a "pragmatic" and "national interest-oriented" outcome in trade talks with the US with an aim to expand cooperation between the two countries in advanced technologies, such as artificial intelligence (AI) and digital, boost the global competitiveness of Korean industries and foster new growth engines for the economy.
The trade ministry will first establish an all-out response system for trade negotiations with the US, expanding the existing task force on the matter to comprehensively cover trade, industry and energy issues, he explained.
"In addition, the chief of the working-level representatives on our side will be elevated from the current director level to the first-class senior level," he noted.
"As much as South Korea needs the United States, the United States also needs Korea."
South Korea has been engaging in trade negotiations with the US on tariffs, non-tariff measures and other issues, with the two sides having agreed to craft a package deal by July 8 -- when US President Donald Trump's administration's suspension of "reciprocal" tariffs will end, reports Yonhap news agency.
The Trump administration slapped South Korea with 25 per cent reciprocal tariffs in early April, raising issues with Seoul's big trade surplus with Washington and non-tariff barriers, such as an import ban on American beef from cattle aged 30 months or older and restrictions on overseas transfer of the country's high-precision map data.
— IANS
Reader Comments
Interesting to see South Korea taking proactive steps in trade negotiations. India could learn from their approach - we need more strategic partnerships in AI and digital tech too. Hope our trade ministers show similar urgency with key partners! 🇮🇳
The US-South Korea trade relationship is so mature compared to ours. We're still struggling with basic tariff issues while they're discussing AI collaboration. Shows how far we need to go in trade diplomacy. But at least India is making progress with recent FTAs!
South Korea understands the importance of balancing national interests with global partnerships. Their focus on advanced tech is smart - exactly what India should be doing with our "Make in India" initiative. Maybe we need more specialized trade task forces like theirs.
The beef import restrictions mentioned here remind me of our own agricultural trade challenges. Trade negotiations are never just about economics - cultural sensitivities matter too. Hope South Korea maintains its food safety standards while making this deal.
As an Indian watching this, I'm impressed by South Korea's systematic approach - elevating negotiation levels, expanding task forces. But I wonder if they're giving away too much to the US? Trade deals should be win-win, not one-sided. Hope they protect their tech sovereignty.
The mention of high-precision map data restrictions caught my eye. India has similar concerns about sensitive geographical data. In this digital age, countries must be careful about what tech they share, even with allies. National security comes first! ðŸ”
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