Korea-US Trade Talks D-Day... Deputy Prime Minister Choi Holds Preliminary Working Meeting with Minister Ahn Dukgeun

Reconfirming Korea's Objectives and Preparing for U.S. Responses

Ahead of the Korea-US 2+2 Trade Consultations scheduled for the evening of April 24 (Korea Standard Time), Choi Sangmok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, held preliminary discussions with Ahn Dukgeun, Minister of Trade, Industry and Energy, to reconfirm Korea's objectives and coordinate positions.

Choi Sangmok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is making a statement on the 22nd at Incheon International Airport Terminal 2 before departing for Washington D.C., USA, to attend the Korea-US 2+2 Trade Consultations and the G20 Finance Ministers' Meeting.

On April 23 (local time), Deputy Prime Minister Choi held a preliminary working meeting with Minister Ahn and the 2+2 Trade Consultations delegation at a location in Washington D.C., USA. This meeting lasted for about one hour and twenty minutes from 2:00 p.m. The participants reconfirmed the relevant objectives ahead of the trade consultations scheduled for the following day and discussed countermeasures in response to the anticipated reactions from the U.S. side.

This round of trade consultations, where the finance and trade leaders of both countries will meet, is scheduled for 8:00 a.m. on April 24 (9:00 p.m. Korea Standard Time). On the Korean side, Deputy Prime Minister Choi and Minister Ahn will attend. On the U.S. side, Scott Besant, U.S. Deputy Secretary of the Treasury, who proposed the consultations, and Jamieson Greer, U.S. Trade Representative (USTR), are expected to participate.

In addition to the Ministry of Economy and Finance and the Ministry of Trade, Industry and Energy, the working-level delegation accompanying this trip includes officials from eight relevant ministries, such as the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Foreign Affairs, and the Ministry of Environment. The Korean delegation plans to address a wide range of issues that may be raised by the U.S., including not only mutual and item-specific tariffs but also non-tariff barriers such as value-added tax, and the trade deficit.

Meanwhile, Minister Ahn arrived at Dulles International Airport near Washington D.C. on the morning of April 23. Speaking to reporters at the airport, Minister Ahn stated, "The basic objective of the trade consultations is to eliminate the mutual tariffs that have been imposed." He also said, "The 25% item-specific tariff on automobiles is causing significant problems for trade with the United States," and added, "We plan to work toward resolving this issue as quickly as possible through consultations."

Before departing from Incheon International Airport on April 22, Deputy Prime Minister Choi said, "I will return having opened the way for renewed discussions to strengthen the Korea-U.S. alliance." Deputy Prime Minister Choi will also attend the second G20 Finance Ministers and Central Bank Governors Meeting of this year, held on April 23 and 24. This meeting is being held in conjunction with the Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB).