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The Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting on Trade opened on May 15 at the Jeju International Convention Center (ICC) in Seogwipo, Jeju. As trade leaders from major countries gathered in one place, the tariff negotiations between South Korea and the United States are reaching a critical juncture, and the United States and China are resuming negotiations just three days after their previous talks, adding a sense of urgency to the multilateral trade order.
According to the Ministry of Trade, Industry and Energy, South Korea and the United States will hold a separate ministerial meeting during the conference to conduct an interim review of negotiations in both tariff and non-tariff areas. On this day, Jeong Inkyu, Deputy Minister for Trade Negotiations, is scheduled to hold a one-on-one meeting with Jamison Greer, representative of the United States Trade Representative (USTR). On May 16, Minister of Trade, Industry and Energy Ahn Dukgeun will hold a bilateral meeting with Greer. Both sides are expected to seek progress in the "July package" negotiations, which aim for a conclusion by July 8.
At a press briefing, Deputy Minister Jeong stated, "Today, I am holding a meeting with Representative Greer at the deputy minister level, and tomorrow I will continue in-depth discussions together with the minister," adding, "We will take a strategic approach to achieve concrete progress."
Previously, South Korea and the United States aligned on the basic direction during the "2+2 Trade Consultation" in Washington, D.C. last month. In particular, South Korea plans to propose cooperation measures in shipbuilding and energy at this meeting, while also focusing its negotiating power on securing U.S. tariff reductions on key items such as automobiles and semiconductors. Considering that the United States recently reached a surprise agreement with China on tariff reductions, there is attention on whether the U.S. will show a certain degree of flexibility toward South Korea as well.
On this day, additional negotiation moves between the United States and China were also observed at the APEC venue. A South Korean government official stated, "This afternoon (May 15), the U.S. and China held a high-level meeting," adding, "However, it is difficult to disclose specific details at the request of both sides." This meeting comes just three days after the Geneva talks in Switzerland, where both sides agreed to mutually reduce tariffs by 115 percentage points.
The latest meeting in Jeju between the two countries is interpreted as going beyond a simple review of implementation, with the possibility of additional negotiations being considered. The Geneva agreement signaled an easing of U.S.-China tensions in the global trade market, but sensitive issues such as core technology regulations, supply chain restructuring, and digital trade norms remain unresolved. A South Korean trade official also commented, "Further coordination is inevitable to fundamentally resolve the conflict."
The South Korean government also held a series of bilateral meetings with major countries. On the morning of May 15, Deputy Minister Jeong held a bilateral meeting with Li Chenggang, China's Vice Minister and Chief International Trade Negotiator at the Ministry of Commerce, to review the progress of the Korea-China Free Trade Agreement (FTA) negotiations on services and investment, and to discuss ways to stabilize the global supply chain.
Deputy Minister Jeong stated, "The Chinese side reaffirmed the importance of maintaining the multilateral trading system and supply chain stability," and added, "The issue of economic security, which has recently emerged as a trade issue, was not discussed in this round of talks."
Both sides agreed to maintain close communication in order to preserve a practical foundation for economic cooperation, even amid complex risks such as U.S.-China tensions and supply chain restructuring.
On the previous day, Deputy Minister Jeong met separately with Maria Cristina Aldeguer-Roque, Secretary of Trade and Industry of the Philippines, and Luis Rosendo Gutierrez Romano, Undersecretary of Foreign Trade at Mexico's Ministry of Economy, to exchange views on ways to promote trade and investment.
Deputy Minister Jeong stated, "At a time when uncertainty in the trade environment is increasing, the role of APEC is more essential than ever," adding, "With the multilateral trading system being put to the test today, the reason for APEC's existence and its role have become even clearer."
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