Seoul: South Korean Industry Minister Kim Jung-kwan announced that the United States has shown signs of easing its stance on demanding that Seoul fulfill its entire $350 billion investment commitment in cash, indicating progress in ongoing trade negotiations. “It is not to that extent,” he informed reporters upon returning from the United States, when questioned about Washington’s insistence on cash payments for Korea’s investment, according to Yonhap News Agency.
According to Qatar News Agency, Kim explained that if the negotiations had reached a deadlock over this issue, they would have already collapsed. He emphasized that the US side has largely accepted Korea’s perspectives. During his recent visit to the US, Kim engaged in follow-up discussions on the bilateral framework tariff agreement that was initially reached in late July.
In his meetings with US Commerce Secretary Howard Lutnick and other trade officials, Kim focused on narrowing differences over Korea’s investment pledge, specifically addressing financing methods and profit allocation. A major hurdle in the talks was related to Korea’s foreign exchange market, but both parties have reportedly reached a broad consensus on the matter.
Kim’s statements were consistent with those of presidential chief of staff for policy Kim Yong-beom, who mentioned that while significant progress had been made on most issues, some areas still required further coordination. The industry minister further disclosed that both sides are working to finalize the tariff deal before the Asia-Pacific Economic Cooperation (APEC) summit, which is scheduled to take place in Korea at the end of this month.
US President Trump is anticipated to visit Korea from October 29-30 for the APEC summit and to engage in summit talks with President Lee Jae Myung. Minister Kim stated, “We are making last-minute efforts to find a range Korea can accept and tolerate.”