Seoul, July 25
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 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."