South Korean Industry Minister Kim Jung-kwan said Monday the United States has shown signs of softening its stance on demanding that Seoul make its entire US$350 billion investment commitment in cash, suggesting substantive progress in ongoing trade negotiations.
“It is not to that extent,” he told reporters upon arrival from the U.S., when asked whether Washington is still insisting that Korea make the full $350 billion investment in cash payments.
“If things had gone that far, the negotiations would have already fallen through. But the U.S. side has, to a considerable extent, accepted our views,” he added.
Kim visited the U.S. last week for follow-up talks on the bilateral framework tariff agreement reached in late July.
He met with U.S. Commerce Secretary Howard Lutnick and other trade officials to narrow differences over details of Korea’s investment pledge, including financing methods and profit allocation.
By Kim Na-young
YEONGJONGDO, South Korea, Oct. 20 (Yonhap) — South Korean Industry Minister Kim Jung-kwan said Monday the United States has shown signs of softening its stance on demanding that Seoul make its entire US$350 billion investment commitment in cash, suggesting substantive progress in ongoing trade negotiations.
“It is not to that extent,” he told reporters upon arrival from the U.S., when asked whether Washington is still insisting that Korea make the full $350 billion investment in cash payments.
“If things had gone that far, the negotiations would have already fallen through. But the U.S. side has, to a considerable extent, accepted our views,” he added.
Kim visited the U.S. last week for follow-up talks on the bilateral framework tariff agreement reached in late July.
He met with U.S. Commerce Secretary Howard Lutnick and other trade officials to narrow differences over details of Korea’s investment pledge, including financing methods and profit allocation.
“The issue related to our foreign exchange market was the biggest hurdle (in the talks), but the two sides have reached a broad consensus,” he said.
U.S. President Donald Trump earlier said the investment would be made “upfront,” while Seoul officials have argued the investment pledge was intended to finance projects rather than a cash payment. They have also called for financial safeguards, such as a currency swap arrangement.
Kim’s remarks aligned with those made by presidential chief of staff for policy Kim Yong-beom, who said on the previous day that there had been “substantive progress on most issues, but some areas still need coordination.”
Source: en.yna