Seoul, May 17 (IANS) South Korea has discussed ways of enhancing bilateral economic and trade cooperation with the United States, China, Japan and several other partner nations on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting amid heightened uncertainties in the global economic and trade landscape, the industry ministry said.
The two-day APEC Ministers Responsible for Trade Meeting took place on South Korea’s southern resort island of Jeju from Thursday, providing an opportunity for trade ministers of regional economies to engage in one-on-one discussions, according the Seoul’s Ministry of Trade, Industry and Energy, reports Yonhap news agency.
On the sidelines of the meeting, South Korean trade and industry officials held high-level bilateral talks with representatives from 14 of the 20 other APEC member economies, as well as with the director-general of the World Trade Organisation (WTO), to explore avenues for trade cooperation and coordination.
“During my meeting with U.S. Trade Representative Jamieson Greer yesterday, I explained the current political situation and other domestic issues ahead of the upcoming presidential election. We also reviewed the procedures necessary to conclude the negotiations,” Trade Minister Cheong In-kyo said during a press briefing.
Industry Minister Ahn Duk-geun is scheduled to meet with Greer later in the day, which “is expected to be a chance for the two sides to understand each other’s positions during these two rounds of tariff talks,” he added.
Last month, the Donald Trump administration began imposing reciprocal tariffs on partner nations, including 25 percent duties on South Korea, only to pause them shortly afterward to allow for one-on-one negotiations.
Seoul and Washington subsequently agreed to work toward a “July package” deal on trade and other related issues before July 8, when Trump’s 90-day pause on reciprocal tariffs is to expire.
Cheong met with senior officials from Japan’s economic and foreign ministries on Jeju, where the two countries agreed to enhance cooperation in advanced industries, hydrogen and other new energy sectors, and supply chains, according to the ministry.
In a separate meeting with his Indonesian counterpart, Cheong requested active support for South Korean companies operating in the Southeast Asian nation.
“The government will make every effort to mitigate uncertainties in the trade environment and external risks by further strengthening the foundation for cooperation with the Asia-Pacific region,” the ministry said in a statement.
—IANS
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