Senior South Korean officials will travel to Washington on Wednesday for high-level discussions aimed at finalising a long-delayed tariff agreement linked to a $350 billion investment plan, as both countries push to reach a resolution before the upcoming Asia-Pacific Economic Cooperation (APEC) summit.
Presidential Policy Secretary Kim Yong-beom and Industry Minister Kim Jung-kwan are scheduled to meet U.S. Commerce Secretary Howard Lutnick for the second time in less than a week, following talks held last Friday. “Gaps have been narrowed between the two sides on many issues, but there are a couple of matters over which the two sides still stand apart,” Kim told reporters before departing for Washington.
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He added that Seoul aims to achieve a comprehensive deal that benefits both nations and will not agree to a partial arrangement solely to meet a political deadline. The discussions are expected to focus on the structure and timeline of the investment commitment, which has been under negotiation for months.
According to South Korean officials, Washington has eased its earlier demand for an upfront equity-based payment of the full investment sum — a move Seoul had resisted, citing concerns it could disrupt the country’s foreign exchange stability.
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Both sides have expressed cautious optimism about resolving the remaining differences ahead of the APEC summit, which will take place later this month in South Korea. A meeting between the leaders of both nations on the sidelines of the event could serve as a platform to formalize the agreement and reaffirm their broader economic and security partnership.
Source: Reuters
