South Korea Hopes For Progress In US Trade Talks Ahead Of APEC Summit

(MENAFN- IANS) Seoul, Sep 24 (IANS) 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.

The gathering is expected to serve as the venue for Lee's second summit with US President Donald Trump, who has said he will attend.

Wi also said Seoul has been delivering its position through various channels on the need for a currency swap arrangement with Washington, expressing hope the two sides can find common ground.

During his New York trip, Lee met with a delegation of US lawmakers to explain Seoul's investment pledge and the difficulties in the ongoing trade talks, seeking congressional support for a deal.

Wi also explained Lee's "END" initiative on dialogue with North Korea -- exchange, normalisation and denuclearisation -- which the president presented in his UN General Assembly address earlier in the day.

He described it as an integrated approach to end confrontation and hostilities on the Korean Peninsula, despite Pyongyang's rejection of Seoul's peace overtures, Yonhap news agency reported.

"Lee's goal is to resolve the Korean Peninsula issue through a comprehensive approach centred on these principles," Wi said, adding that there is no element or sequence among the three elements.

He noted the principles were also emphasised in past inter-Korean agreements and in the 2018 Singapore declaration adopted between US President Donald Trump and North Korean leader Kim Jong-un.

Wi's remarks came amid cautious hope for a possible resumption of talks between Trump and Kim, who met three times during Trump's first term.

Trump has expressed willingness to resume dialogue with North Korea, while Kim recently said he still has a "good memory" of Trump but urged Washington to drop its demand for denuclearisation.

While Lee's three-phased denuclearisation road map begins with a "stop" to the nuclear and missile program, going through a "reduction" process and reaching "dismantlement," Wi said the END initiative is designed as a comprehensive approach encompassing denuclearisation, and inter-Korean and US-North Korea relations.

Asked whether Seoul is preparing concrete measures to improve ties with Pyongyang, Wi said a thaw in the inter-Korean ties is unlikely in the near term as the North has been "very negative" toward dialogue with the South, while showing less hostility toward Washington.

"As far as I know, mentionable discussions are not taking place between the US and North Korea," he added.

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