South Korea presents a new vision for industrial cooperation in its commercial talks with Washington
Seoul on July 6 / WAM / South Korea has proposed to the United States a new framework for industrial cooperation, stressing the need for any final trade agreement between the two countries to cancel or reduce customs duties on its exports of cars and steel, during decisive talks that took place in Washington before the end of a customs truce next Tuesday.
According to the Korean Ministry of Industry, today, Sunday, the Minister of Commerce U Han-Ko submitted this proposal to his American counterpart Jamison Gharr during the Saturday meeting in Washington, noting that the Korean vision aims to build a “mutual benefit” industrial partnership in supply chains, in line with the United States’s endeavor to achieve a renaissance in its manufacturing sector.
The two sides also discussed the extended suspension of mutual customs duties by 25% imposed on South Korea by the administration of US President Donald Trump to allow more fundamental trade negotiations.
The Korean Yonhap News Agency reported that Seoul seeks through this initiative to reach a comprehensive agreement that ends the issue of customs duties imposed by the Trump administration previously, and to secure a complete exemption or reduction in fees on its main products.
The Korean Minister of Trade stressed that Seoul and Washington are committed to finding profitable solutions to both parties, stressing that the negotiations will continue until the end on the basis of protecting the Korean national interests to achieve a “positive result.”
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