South Korea hopes for progress in US trade talks ahead of APEC summit

Seoul: South Korea’s presidential office has said it hopes to produce progress in stalled trade talks with the United States ahead of next month’s Asia-Pacific Economic Cooperation (APEC) summit, but Seoul aims to reach a deal even before the APEC summit.

South Korea’s National Security Advisor Wi Sung-lac made the remarks while accompanying President Lee Jae Myung on his trip to New York on Tuesday, as trade negotiations between South Korea and the US have shown little headway on details of Seoul’s USD 350 billion investment pledge linked to lowering US tariffs on Korean products from 25 per cent to 15 per cent.

While negotiators are working out details, Wi said the upcoming APEC summit, slated for late October in the southeastern city of Gyeongju, could provide an opportunity to finalise a deal.

“It would be good to clinch (a trade deal) in light of the APEC summit, but (negotiators) are engaging in talks with the position that an agreement could be reached before then if the two sides find common ground,” Wi told reporters. (IANS)

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