Expected to seek common ground to break the deadlock in meetings with US Secretary of Commerce and others
Negotiating differences over details of the $350 billion US investment fund
US side gives "partial feedback" on Korea's revised proposal
Anticipation for progress ahead of the second Korea-US summit during APEC
On October 15, the Presidential Office announced that Policy Chief Kim Yongbum will visit the United States on the morning of October 16 for follow-up discussions on the Korea-US customs negotiations. Minister of Trade, Industry and Energy Kim Jeonggwan will also accompany Chief Kim on his trip to the US.
The Presidential Office stated in a spokesperson's notice, "Chief Kim is scheduled to visit Washington, D.C., for follow-up consultations on the customs negotiations." It is expected that Chief Kim and Minister Kim will meet with key figures such as Secretary of Commerce Howard Lutnick, who has been a central player in these negotiations, to seek common ground and break the current deadlock. Meanwhile, Trade Negotiations Head Yeo Hankoo has already departed for the US to prepare for the follow-up consultations.
Recently, there have been speculations that progress may be made in the stalled Korea-US customs negotiations after the Donald Trump administration presented a new proposal to the Korean government regarding a US investment fund worth 350 billion dollars (approximately 486 trillion won). There are also signs of a shift in the US administration's stance, which had previously pressured Korea with a so-called "Japan-style agreement." Earlier, in August, the Korean government submitted a revised version of the memorandum of understanding (MOU) on the US investment fund that the US had initially proposed, and earlier this month, received partial feedback from the US side regarding the revisions.
The Korean negotiation team's visit to the US is interpreted as an effort to produce tangible results before the second Korea-US summit, which is scheduled to take place at the end of this month during the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju. On October 13, Foreign Minister Cho Hyun stated during a National Assembly Foreign Affairs and Unification Committee audit, in response to a question about the US investment fund, "The US has come forward with a new proposal, and the government is currently reviewing it." Regarding the alternative proposed by the US, he replied, "It is not a very concrete proposal."
When Democratic Party lawmaker Yoon Hoodeok asked, "Has the US retreated from its previous stance of demanding a lump-sum cash investment?" Minister Cho replied, "Yes," and added, "I believe we are gradually finding common ground." He also stated, "A Korea-US summit will be held during the APEC summit, and we will do our utmost to ensure that this issue is resolved by then through continued negotiations."
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