Seoul proposes a framework for industrial cooperation with Washington

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 in Washington before the end of a customs truce tomorrow.

The Korean Ministry of Industry reported yesterday that the Minister of Trade U Han-Ko presented this proposal to his American counterpart Jamison Ghir, during a meeting last Saturday in Washington, where the two sides discussed the extension of the suspension of mutual customs duties by 25%, which was imposed on South Korea, to allow more fundamental trade negotiations.