Synopsis
South Korea is preparing to enhance ties with the United States in shipbuilding and energy sectors during the upcoming '2+2 trade consultations', aimed at addressing trade imbalances and fostering industrial collaboration, as stated by top officials.Key Takeaways
- Discussions will focus on trade imbalance and cooperation in shipbuilding and energy.
- High-level talks include Finance Minister Choi Sang-mok.
- Meeting follows US tariffs impacting South Korean imports.
- Preparedness for possible defense cost-sharing discussions.
- Delegation includes various government officials.
Seoul, April 23 (NationPress) South Korea is set to explore strategies to enhance collaboration with the United States in the shipbuilding and energy domains during the upcoming bilateral '2+2 trade consultations,' as stated by the country's leading trade official on Wednesday.
Highlighting this cooperation, Seoul aims to address the trade imbalance between the two allies. This imbalance has led Washington to implement significant import tariffs on South Korea under a broader tariff policy affecting all primary trading partners, as reported by Yonhap News Agency.
Industry Minister Ahn Duk-geun informed reporters that discussions will focus on the trade imbalance issue and industrial collaboration in the shipbuilding and energy sectors, as he departed for Washington for high-level discussions with the U.S., which will also involve Finance Minister Choi Sang-mok.
The two South Korean ministers are slated to meet with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative (USTR) Jamieson Greer for the '2+2' talks on Thursday (U.S. time).
Ahn remarked that he and Choi aim to 'establish a groundwork for future negotiations on these topics. We will approach negotiations with a calm and careful mindset.'
This meeting follows the commencement of country-specific 'reciprocal' tariffs by the administration of U.S. President Donald Trump, including a 25 percent duty on South Korea, temporarily reduced to 10 percent for a 90-day period to facilitate negotiations.
Choi traveled to Washington on Tuesday to participate in other significant economic discussions, including the Group of 20 (G20) assembly of finance ministers and central bank governors.
Regarding the potential emergence of the defense cost-sharing topic, Ahn noted that the government is preparing for such a development, recognizing that this issue had been raised in previous trade talks between the U.S. and Japan.
'We are also ready for a possible face-to-face meeting with President Trump,' he stated, referencing the surprise appearance of the U.S. president at the recent U.S.-Japan discussions.
Ahn mentioned that the government is working to swiftly devise a solution for the Korean automotive industry, which has been suffering due to the 25 percent tariff imposed by the U.S. on all vehicle and auto part imports since April 3.
Addressing concerns regarding a leadership vacuum in South Korea, Ahn assured that the government will 'do its utmost for the time being, and if additional time is required, we will pass the responsibility to the next administration to safeguard local industries.'
After the '2+2' meeting, Ahn intends to conduct a separate one-on-one discussion with Greer to address non-tariff barrier issues and the USTR's recent announcement regarding fees on foreign-built car carrier vessels entering U.S. ports.
In addition to the finance and industry ministers, delegates from the foreign affairs, science, agriculture, and other governmental ministries will accompany the South Korean delegation to the trade discussions.
