South Korea Requests Exemption From All US Tariffs

(MENAFN- IANS) Seoul, May 16 (IANS) South Korea has again asked the United States to exempt the country from all tariffs, Seoul's Industry Minister Ahn Duk-geun said on Friday, after meeting with US Trade Representative Jamieson Greer on the sidelines of a trade ministers' meeting of the Asia-Pacific Economic Cooperation (APEC) member economies.

In the meeting, the two sides agreed to hold their second round of technical discussions in Washington next week on six areas related to trade -- trade imbalances, non-tariff measures, economic security, country of origin of products and commercial considerations -- Ahn said.

Next week's meeting is expected to be followed by additional high-level talks in mid-June, he added, reports Yonhap news agency.

The high-level meeting held on South Korea's southern island of Jeju comes about three weeks after their last gathering in Washington for high-level trade consultations, where the two sides agreed to pursue a "package" deal on U.S. tariffs and economic cooperation issues by July 8.

Greer was participating in the APEC Ministers Responsible for Trade meeting on Jeju, which wrapped up its two-day run on Friday.

Last month, Seoul and Washington agreed to focus their talks on four categories -- tariff and non-tariff measures, economic security, investment cooperation and currency policies.

South Korea has been seeking to get a reduction or exemption from U.S. tariffs, including 25 percent reciprocal duties, which have been suspended for 90 days.

"In Friday's meeting, we tried to raise awareness that South Korea has a bilateral free trade agreement (FTA) with the U.S., unlike some other countries, and have expanded trade and investment with the U.S. under the FTA," Ahn told reporters in a press briefing.

"We also explained that U.S. tariffs on automobile and steel imports have a huge impact on trade relations between the two countries," he added.

Ahn noted that South Korea's capabilities in becoming a major cooperation partner to the U.S. in industrial sectors, such as semiconductors, energy and advanced technologies, stand out compared to other countries.

"Rather than approaching the negotiations in a narrow-minded manner of reducing South Korea's trade surplus with the U.S. to get tariff cuts, we are working to build a more constructive and future-oriented relationship with Washington, where the two countries can create a stable trade environment and strengthen industrial cooperation," he said.

On concerns over the current leadership vacuum in South Korea, the minister said Seoul is "doing its best" to meet the July 8 deadline, but also noted the possibility of a delay due to the domestic political situation.

South Korea is scheduled to hold a presidential election on June 3 following the impeachment of former President Yoon Suk Yeol due to his failed martial law bid.

"The U.S. understands we are not trying to unnecessarily delay our negotiations by using the domestic political situation as an excuse."

Regarding next week's technical discussions, Ahn said the U.S. has shown a big interest in digital trade, including Google Maps and cloud computing issues, Ahn said.

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