Washington: South Korea has proposed measures to establish a “mutually beneficial” manufacturing cooperation framework with the United States in bilateral talks on tariffs and other trade issues, Seoul’s industry ministry said Sunday. South Korea’s Trade Minister Yeo Han-koo delivered such a proposal during his meeting with U.S. Trade Representative Jamieson Greer held in Washington on Saturday.
According to Emirates News Agency, Yeo presented Seoul’s vision for bilateral cooperation in the manufacturing sector and for building a complementary supply chain partnership amid Washington’s push to create a “manufacturing renaissance” in America. Yeo emphasized the importance of eliminating or reducing U.S. tariffs on key items, such as automobiles and steel, as part of the final trade agreement between the two countries.
The discussions also included extending the suspension of 25 percent reciprocal tariffs for South Korea imposed by the US President Donald Trump’s administration, to allow more substantive trade negotiations. South Korea has been pursuing full exemption from or reduction of U.S. reciprocal tariffs and sectoral duties on imported cars, steel, and other products by crafting a package deal on tariffs, non-tariff measures, industrial cooperation, and other trade issues.
“Since the launch of the new administration (in South Korea), both Seoul and Washington have been fully committed to negotiations aimed at finding mutually beneficial, win-win solutions for trade issues,” Yeo stated. He added that despite high uncertainties, negotiations with the U.S. will continue based on the principle of protecting national interests to achieve a favorable outcome.