Technical Consultations Begin Between Korea and U.S. on Tariff Negotiations

The Ministry of Trade, Industry and Energy (MOTIE) has officially announced the start of technical consultations with the United States Trade Representative (USTR). These discussions aim to pave the way for Korea-U.S. tariff negotiations, following a recent agreement to establish a bilateral discussion framework.

Focus Areas and Working Groups

Both nations have identified four key areas for discussion: tariff and non-tariff measures, economic security, investment cooperation, and monetary policy. Plans are underway to form 6-7 working groups to delve into these topics, with monetary policy discussions to be handled separately by the Ministry of Economy and Finance and the U.S. Department of the Treasury.

Objectives and Expectations

Jang Sung-gil, director general for trade policy at MOTIE, highlighted the importance of these consultations. "Our priority is to safeguard national interests by seeking exemptions from mutual tariffs, especially on critical items like automobiles and steel," he stated. The goal is to minimize the impact on domestic companies while fostering a favorable trade environment.