South Korean Presidential policy chief, industry minister to visit Washington for follow-up tariff talks

Seoul, Oct 15 (IANS) The presidential chief of staff for policy, Kim Yong-beom, and Industry Minister Kim Jung-kwan will depart for Washington this week for follow-up tariff negotiations, officials said Wednesday, with the talks expected to focus on details of South Korea's US$350 billion investment package.

Presidential chief of staff for policy Kim, who plans to head for the United States on Thursday, is scheduled to meet with US Commerce Secretary Howard Lutnick, a presidential official said, without elaborating on the schedule.

Separately, the industry minister will also head for Washington on Thursday for tariff negotiations, according to ministry officials.

Their visit comes as South Korea and the US have reported little progress over details of the $350 billion package of investment in principle as the two nations agreed on a framework deal in July to lower US tariffs against South Korean goods, Yonhap news agency reported.

Seoul has demanded Washington establish a currency swap deal because such a direct investment could trigger a financial crisis without safeguards.

On Monday, the presidential office said the US has shown a response on some revised proposals in trade talks, possibly including Seoul's investment pledge, after Foreign Minister Cho Hyun told a parliamentary audit that the government is reviewing an alternative proposal by Washington on how Seoul would finance the investment package.

Earlier on Friday, South Korea's Vice Foreign Minister Park Yoon-Joo held talks with his US counterpart, Allison Hooker, on Friday, with the bilateral alliance and coordination over North Korea's nuclear issue probably on the main agenda.

Park held a "strategic dialogue" session with Hooker, US undersecretary of state for political affairs, to discuss pending issues ahead of the upcoming Asia-Pacific Economic Cooperation (APEC) summit, according to the foreign ministry, Yonhap News Agency reported.

It marked the first such vice foreign ministerial talks between the two nations since July 2021.

--IANS

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