S. Korea to continue negotiations with US on trade barrier issues raised in USTR report: ministry
The South Korean government will continue negotiating with Washington on non-tariff measure issues ahead of the planned announcement of US reciprocal tariffs, the industry ministry said Tuesday, shortly after the office of the US Trade Representative released an annual report on foreign trade barriers.
The government will work to address US concerns over non-tariff measures with Washington through various communication channels, including working-level consultative bodies and the implementation committee of the Korea-US Free Trade Agreement, the Ministry of Trade, Industry and Energy said.
Earlier in the day, the USTR issued the 2025 National Trade Estimate Report on Foreign Trade Barriers, which is expected to play a crucial role in the Donald Trump administration's announcement of country-by-country reciprocal tariffs, set for Wednesday.
The ministry said the report assessed South Korea more favorably compared to other US trade partners, noting that some 80 percent of duties on bilateral trade in industrial and consumer goods have been eliminated under the KORUS FTA.
The 2025 report mentioned a total of 21 non-tariff barriers by South Korea, which increased from the previous year but is smaller in number compared with reports issued prior to 2023, the ministry explained.
The 21 barriers included sanitary and phytosanitary barriers on agricultural products, such as restrictions on US beef products deriving from animals more than 30 months of age, and digital trade barriers, such as network usage fees, proposals to regulate online platform operators for fair competition and restrictions on the export of location-based data.
For the first time, the report also mentioned South Korea's defense offset trade program, under which Seoul has set certain conditions for foreign defense contractors to meet for defense industrial cooperation when they engage in key government procurement projects.
The ministry said the latest NTE report listed many issues already cited in last year's edition and that it has been working to address Washington's concerns.
Earlier this year, Industry Minister Ahn Duk-geun and Trade Minister Cheong In-kyo visited Washington to meet with US trade officials, including Commerce Secretary Howard Lutnick and USTR Jamieson Greer.
The government will closely analyze the NTE report to devise response measures, while continuing its tariff negotiations with the US, the ministry said. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
11 hours ago
- Korea Herald
Veteran negotiator tapped to lead Korea's trade talks with US
President Lee Jae-myung has appointed Yeo Han-koo, a senior fellow at the Peterson Institute for International Economics and a former trade minister, as the nation's chief trade negotiator, the presidential office announced Tuesday. Yeo, who previously held the same post under the liberal Moon Jae-in administration, returns to lead high-stakes negotiations with the United States over looming tariffs. 'Yeo previously served as director-general for trade policy at the Trade Ministry during the first Trump administration, where he oversaw Korea's overall trade strategy,' Presidential Spokesperson Kang Yu-jung said in announcing the appointment. 'He is widely recognized for his exceptional policy planning and negotiation skills, particularly in navigating international trade and economic cooperation.' Kang added that Yeo is expected to play 'a pivotal role' in strengthening Korea's economic diplomacy at a time of rising global trade tensions, including the intensifying US-China rivalry and ongoing tariff negotiations. Yeo began his public service career after passing the 36th National Civil Service Exam and has since taken part in numerous bilateral and multilateral trade negotiations. His portfolio includes serving as chief negotiator for the Regional Comprehensive Economic Partnership, the Korea-UK Free Trade Agreement, the Korea-Central America Free Trade Agreement, the Korea-Indonesia Comprehensive Economic Partnership Agreement, and the Korea-Philippines Free Trade Agreement. He was also one of the original participants in the development of the Indo-Pacific Economic Framework for Prosperity. The veteran trade official served as trade minister from August 2021 to May 2022 under the Moon administration. Since June 2023, he has been a senior fellow at the Peterson Institute, where he focused on international economic policy. Known for his expertise in policy coordination and his strong network among US government and congressional figures, Yeo is expected to play a key role in navigating Korea through upcoming negotiations with Washington. Yeo holds an MBA from Harvard Business School and an MPA from the Harvard Kennedy School. He earned his bachelor's degree in business administration from Seoul National University.
Korea Herald
12 hours ago
- Korea Herald
Seoul Food 2025 blends tech, taste and trade
South Korea's largest food industry showcase, Seoul Food 2025, opened Tuesday at Kintex in Goyang, Gyeonggi Province. The four-day event features a record-breaking 1,639 companies from 45 countries and is now recognized as one of Asia's top four food exhibitions, alongside shows in Shanghai, Bangkok and Tokyo. Global interest in Korean food, or K-Food, is driving a sharp rise in export activity this year. According to the Ministry of Trade, Industry and Energy, export consultations at the event are expected to reach $250 million, up 25 percent from 2024. The number of foreign buyers attending has also climbed by 20 percent to 300 companies, with strong representation from Southeast Asia and the United States. The event also features livestreamed promotions and influencer campaigns aimed at overseas consumers, including buyers from China, Vietnam and Japan. Running alongside the main exhibition is a conference exploring future food technologies, such as plant-based proteins, low-sugar products and AI-powered food production.
Korea Herald
13 hours ago
- Korea Herald
Seoul shares up for 5th straight session on foreign buying
South Korean stocks extended their winning streak to a fifth consecutive session Tuesday on the back of foreign buying, with investors' eyes now on the ongoing trade talks between the United States and China. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index added 16.08 points, or 0.56 percent, to close at 2,871.85. Trade volume was moderate at 503 million shares worth 14 trillion won ($10.3 billion), with losers outnumbering winners 461 to 429. Foreign investors and institutions net purchased 632.3 billion won and 14.2 billion won worth of local shares, respectively, while retail investors dumped 626.9 billion won. "The KOSPI once surpassed the 2,880 mark earlier in the day thanks to a fifth consecutive session of foreign purchases, but trimmed earlier gains as retail investors moved to take profit following the recent rally," Lee Kyoung-min, an analyst at Daishin Securities, said. Overnight, Wall Street was little changed as investors took to the sidelines before the conclusion of the ongoing trade negotiations between the US and China. The Dow Jones Industrial Average and the S&P 500 closed nearly flat, while the tech-heavy Nasdaq composite rose 0.31 percent. Officials from Washington and Beijing were set to hold the second, and possibly the last, day of their ongoing trade negotiations in London later Tuesday. In Seoul, defense and shipbuilding shares were the biggest gainers. Leading defense firm Hanwha Aerospace jumped 6.36 percent to 936,000 won, and its shipbuilding affiliate Hanwha Ocean soared 4.37 percent to 78,900 won. Other major shipbuilders, HD Hyundai Heavy and HD Korea Shipbuilding, advanced 2.15 percent and 4.35 percent to 427,000 won and 335,500 won, respectively. Top battery maker LG Energy Solution rose 1.23 percent to 288,500 won, and biotech firm Celltrion added 1.25 percent to 162,200 won. Market heavyweight Samsung Electronics lost 1 percent to 59,200 won, while its chipmaking rival SK hynix gained 0.66 percent to 230,500 won. Auto giant Hyundai Motor dropped 0.4 percent to 197,000 won, and its sister Kia went down 0.84 percent to 94,500 won. The local currency was quoted at 1,364.3 won against the greenback at 3:30 p.m., down 7.9 won from the previous session. (Yonhap)
