South Korea, US to continue trade talks before Aug 1 deadline

Seoul, July 25 (IANS) South Korea and the United States will continue negotiations to reach a tariff deal before the hefty reciprocal duties take effect on Aug. 1, with key issues, such as investment and agricultural market access, currently on the negotiating table, the presidential office said on Friday.

Kim Yong-beom, presidential chief of staff for policy, made the remarks as Seoul seeks to reduce the proposed 25 percent tariffs on Korean goods by reaching a comprehensive package covering industrial cooperation, investment, procurement and security cooperation, reports Yonhap news agency.

Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo held talks with U.S. Secretary of Commerce Howard Lutnick in Washington on Thursday, and are scheduled to continue negotiations with him and U.S. Trade Representative Jamieson Greer on Friday (local time), according to Kim.

"Both sides reaffirmed the importance of collaboration in strategic sectors like shipbuilding and semiconductors and agreed to work out concrete measures," he said during a briefing. "They also reiterated their commitment to reaching a mutually beneficial agreement before Aug. 1."

Kim noted the Korean negotiation team "strongly urged" the U.S. side to ease sector-specific tariffs, particularly those on automobiles, while stressing the importance of bilateral manufacturing ties.

When asked whether beef and rice are among the items being discussed, Kim said, "Agricultural products are included on the list of negotiating items."

National Security Adviser Wi Sung-lac said negotiations in the security sector are "relatively more stable" compared to other areas, expressing hope that progress in this field could have a "positive ripple effect" across the broader talks.

South Korea faces added pressure in the negotiations as Japan, one of its major export competitors, recently concluded a trade deal with Washington that lowered reciprocal tariffs to 15 percent in exchange for opening its markets to automobiles and agricultural products, along with a US$550 billion investment pledge.

--IANS

na/