South Korean Trade Minister Yeo Han-koo answers reporters’ questions before he departs for Washington from Incheon Airport on Sunday. (Yonhap) South Korea’s top trade envoy departed for the US on Sunday for the first bilateral trade talks since President Lee Jae Myung took office, vowing to pursue “pragmatic and mutually beneficial negotiations centered on national interest” in resolving pending issues.
South Korea’s Trade Minister Yeo Han-koo will be in Washington from Sunday to Friday for talks with US Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick and other senior officials, to discuss trade issues including tariffs and non-tariff measures.
The two countries are also set to hold a third round of technical discussions on related issues this week in Washington.
Speaking to reporters at Incheon Airport before leaving for the US capital, Yeo said the visit would focus on laying out the new administration’s economic philosophy and accelerating discussions on tariffs.
“Since the new administration took office, this is the first time the top trade officials of both countries are meeting,” Yeo told reporters. “From now on, it is important to establish goodwill based on the goal of accelerating negotiations and reaching a mutually beneficial outcome.”
The trip comes as Seoul and Washington had earlier agreed to craft a so-called “July package,” a comprehensive package deal aimed at eliminating US tariffs on Korean exports before July 8, when the 90-day grace period on “reciprocal” tariffs expires. Unless a new trade deal is reached, tariffs will jump from the current 10 percent to 25 percent, dealing a blow to the export-dependent South Korean economy.
However, Yeo noted that the deadline may no longer be realistic given the shifting situation in the US.
“I think it’s no longer necessary to use the term ‘July package,’” said Yeo. “The situation in the US is fluid, both politically and economically, making it difficult to predict the situation in early July.”
Still, Yeo emphasized that momentum is building under the new administration, noting it is important to do what Seoul can at this moment.
“We will do our best to find a win-win solution for both Korea and the US through in-depth consultations on US tariff measures,” he said, adding he aims to make as many allies as possible within the US to support Korean businesses.
sahn@heraldcorp.com