Azernews.Az

Nazrin Abdul

Read more

South Korea’s Trade Minister Yeo Han-koo departed for Washington on Sunday, pledging to adopt a "national interest-based and pragmatic" strategy in upcoming trade negotiations with the United States, Azernews reports, citing local media.

Speaking to reporters ahead of his departure, Yeo emphasized the importance of "mutually beneficial and realistic negotiations" as he prepares to meet with key U.S. officials, including U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick.

The discussions will focus on a range of bilateral trade issues, including tariffs and non-tariff barriers. According to the Ministry of Trade, Industry and Energy, Yeo also plans to hold talks with White House officials and members of the U.S. Congress during his visit.

One of Yeo’s key objectives is to address South Korea’s concerns over trade measures introduced during former U.S. President Donald Trump’s administration, including steep tariffs — 50% on steel and 25% on automobiles. He aims to seek “mutually acceptable solutions” that support Korean exporters and businesses.

The trip will also include a third round of technical-level discussions between the two countries. The South Korean side hopes to reach a comprehensive agreement covering tariffs, non-tariff issues, and broader economic cooperation before July 8, when a temporary suspension of reciprocal tariffs is set to expire.

Yeo is also expected to urge U.S. lawmakers to ensure a stable and predictable investment climate for Korean companies operating in the U.S., particularly in light of potential changes to tax incentives under the Inflation Reduction Act.

“We will do our utmost to find win-win solutions and build as much support within the U.S. as possible to safeguard the interests of Korean businesses,” Yeo said.

The upcoming talks are viewed as crucial for maintaining economic stability and deepening trade ties between Seoul and Washington amid a challenging global trade environment.