Latest news with #ParkJong-won
Korea Herald
09-05-2025
- Business
- Korea Herald
S. Korea, Saudi Arabia host joint business forum on advanced industries
South Korea and Saudi Arabia hosted a joint business forum Friday in Seoul to promote the expansion of the countries' bilateral cooperation in advanced industries, Seoul's industry ministry said. From Riyadh, 20 major companies attended the forum, including the country's biggest wireless carrier STC Group, state-run defense company Saudi Arabian Military Industries and Saudi's first electric vehicle manufacturer Ceer, according to the Ministry of Trade, Industry and Energy. From Seoul, 100 companies took part to discuss cooperation with Saudi Arabian firms. The forum discussed possible cooperation between the two countries in information technology, digital infrastructure, EVs, defense, renewable energy and other advanced industries, according to the ministry. "To respond to the rapidly changing global trade environment, we need to strengthen cooperation with emerging Global South countries, such as Saudi Arabia," Vice Trade Minister Park Jong-won said in a congratulatory message for the forum. "We will actively utilize government-level cooperation channels and push for the early implementation of the Korea-GCC Free Trade Agreement to facilitate greater business collaboration between companies from both countries," he added. The Korea-GCC free trade pact was signed in 2023. The GCC consists of six countries -- the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. (Yonhap)
Yahoo
25-02-2025
- Business
- Yahoo
South Korean minister heads to Washington seeking exemption from Trump tariffs
SEOUL (Reuters) - South Korea's Industry Minister Ahn Duk-geun will travel to Washington D.C. from Wednesday through to Friday to press again for an exemption from U.S. steel tariffs and discuss ways to boost cooperation in energy and shipbuilding, his ministry said. The trip comes less than a week after Deputy Trade Minister Park Jong-won led the first major South Korean government delegation to visit Washington since President Donald Trump's return to power and called on the U.S. administration to exempt Seoul from steel and aluminium tariffs. Ahn will meet officials from the U.S. Department of Commerce and also discuss ways to strengthen cooperation in shipbuilding and energy, while also meeting "key figures" in the U.S. Congress, a statement from his ministry said, without elaborating. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. The risks from a global trade war have become dangerously real for a trade-reliant economy like South Korea after Trump announced 25% levies on steel and aluminium imports and also reciprocal tariffs on trading partners from April. In January, South Korea's exports declined for the first time after an impressive 16-month growth streak and at the sharpest pace in a year due to U.S. tariff uncertainty and unfavourable base effects.
Reuters
25-02-2025
- Business
- Reuters
South Korean minister heads to Washington seeking exemption from Trump tariffs
SEOUL, Feb 25 (Reuters) - South Korea's Industry Minister Ahn Duk-geun will travel to Washington D.C. from Wednesday through to Friday to press again for an exemption from U.S. steel tariffs and discuss ways to boost cooperation in energy and shipbuilding, his ministry said. The trip comes less than a week after Deputy Trade Minister Park Jong-won led the first major South Korean government delegation to visit Washington since President Donald Trump's return to power and called on the U.S. administration to exempt Seoul from steel and aluminium tariffs. Ahn will meet officials from the U.S. Department of Commerce and also discuss ways to strengthen cooperation in shipbuilding and energy, while also meeting "key figures" in the U.S. Congress, a statement from his ministry said, without elaborating. The risks from a global trade war have become dangerously real for a trade-reliant economy like South Korea after Trump announced 25% levies on steel and aluminium imports and also reciprocal tariffs on trading partners from April. In January, South Korea's exports declined for the first time after an impressive 16-month growth streak and at the sharpest pace in a year due to U.S. tariff uncertainty and unfavourable base effects.
Yahoo
22-02-2025
- Business
- Yahoo
Top Asian News 11:14 a.m. GMT
South Korea requests to be excluded from Trump's efforts to increase tariffs SEOUL, South Korea (AP) — South Korean officials have asked the Trump administration to exclude their country from U.S. plans to impose aggressive tariffs on trade partners, emphasizing that Seoul is already applying low duties on American products under the free trade agreement between the two nations. South Korea's government on Friday said Deputy Trade Minister Park Jong-won made the request while traveling to Washington this week for meetings with unspecified officials from the White House, the Department of Commerce and the Office of the U.S. Trade Representative. The South Korean Trade Ministry didn't say what Park heard from the Americans.
Al Arabiya
21-02-2025
- Business
- Al Arabiya
South Korea says it asked US to exclude it from new tariffs
South Korea has asked Washington to exclude it from planned US tariffs on steel and aluminum, Seoul's trade ministry said Friday. US President Donald Trump has announced a broad range of levies on some of his country's biggest trading partners since taking office in January, arguing that they will help tackle unfair practices. Among them are 25 percent tariffs on steel and aluminum imports from March 12. He also warned this week that he would impose tariffs 'in the neighborhood of 25 percent' on auto imports and a similar amount or higher on semiconductors and pharmaceuticals. South Korea is home to the world's key chipmakers, Samsung and SK Hynix, and was the fourth-largest exporter of steel to the United States last year. On Friday, Seoul said Deputy Trade Minister Park Jong-won asked the United States not to include South Korea 'in mutual tariffs and various tariff measures such as those on steel and aluminum.' He emphasized the contributions of large-scale investments by South Korean firms to the US economy and noted that 'under the Seoul–Washington free trade agreement, tariffs on nearly all items between the two countries have already been eliminated.' The request was made during Park's trip to Washington this week, the ministry said, during which he spoke to officials from the White House and the US Department of Commerce, among others. South Korea's steel industry has faced intense pressure in recent years as it grapples with oversupply—particularly from China—and a decrease in global demand. The US tariffs are likely to intensify those challenges, and analysts warn that should cheap Chinese steel barred from the US market begin to flood regions like Southeast Asia and Europe, South Korean steel producers will face deepening price competition.
