Seoul, July 6 (IANS) South Korea has proposed measures to establish a “mutually beneficial” manufacturing cooperation framework with the United States in bilateral talks on tariffs and other trade issues, Seoul’s industry ministry said Sunday.
Korea’s Trade Minister Yeo Han-koo delivered such a proposal during his meeting with US Trade Representative Jamieson Greer held in Washington on Saturday (US time), according to the Ministry of Trade, Industry and Energy.
In the meeting, Yeo presented Seoul’s vision for bilateral cooperation in the manufacturing sector and for building a complementary supply chain partnership amid Washington’s push to create a “manufacturing renaissance” in America, the ministry said.
Yeo also stressed that elimination or reduction of US tariffs on key items, such as automobiles and steel, must be included in the final trade agreement between the two countries, noting that South Korea has been negotiating with the US in “good faith.”
The two sides also discussed extending the suspension of 25 percent reciprocal tariffs for South Korea imposed by the Donald Trump administration to allow more substantive trade negotiations. The US administration’s 90-day pause of reciprocal tariffs is set to expire Tuesday, Yonhap news agency reported.
South Korea has been seeking full exemption from or reduction of US reciprocal tariffs and sectoral duties on imported cars, steel and other products by crafting a package deal on tariffs, non-tariff measures, industrial cooperation and other trade issues.
“Since the launch of the new administration (in South Korea), both Seoul and Washington have been fully committed to negotiations aimed at finding mutually beneficial, win-win solutions for trade issues,” Yeo said.
“Although uncertainties remain high, we will continue negotiations with the US until the very end, based on the principle of protecting our national interests, to achieve a favorable outcome regarding US tariff measures while also working to maintain the strong momentum of bilateral cooperation built over the years by the two countries.”
–IANS
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