South Korea is set to restart trade talks with the United States on Friday, with discussions expected to take place on the sidelines of the APEC summit currently underway on Jeju Island.
A government official confirmed to AFP that the renewed negotiations will involve Trade Minister Ahn Duk-geun and U.S. Trade Representative Jamieson Greer.
The ministerial gathering of Asia-Pacific Economic Cooperation (APEC) economies comes at a time of heightened concern over global trade stability, following the recent imposition of sweeping tariffs by U.S. President Donald Trump on several trade partners.
Greer, who has held multiple bilateral meetings at the summit, was seen in discussions with several key delegates, including China’s international trade envoy Li Chenggang.
Their latest meeting comes just days after both sides agreed in Geneva to a temporary 90-day reduction of retaliatory tariffs.
The South Korean government is pushing for progress in the negotiations to avoid the full implementation of punitive tariffs announced by Washington.
During an April meeting in Washington, Seoul had introduced a proposal referred to as the “July Package,” which outlines steps to remove or reduce tariffs.
South Korea, which posted a $66 billion trade surplus with the U.S. last year—ranking just behind Vietnam, Taiwan, and Japan—has been particularly vulnerable to Trump’s aggressive trade policies.
The 25 percent tariffs introduced in April on South Korean-made automobiles have had a significant impact, as nearly half of South Korea’s car exports are shipped to the U.S., and the auto industry accounts for 27 percent of these exports.
Although Washington announced additional reciprocal tariffs of up to 25 percent last month, their enforcement has been postponed until July, offering Seoul a window to negotiate alternatives.
As part of its negotiation strategy, South Korea is expected to offer concessions including increased purchases of U.S. liquefied natural gas (LNG) and expanded collaboration in shipbuilding—a sector where South Korea ranks second globally, behind China.
Earlier on Friday, Greer held talks with Chung Ki-sun, Vice Chairman of HD Hyundai, which operates the country’s largest shipbuilding company. According to HD Hyundai, the meeting marked the first visit by a U.S. trade representative to the South Korean shipbuilding sector.
The discussion reportedly included possible cooperation with Huntington Ingalls Industries, a major U.S. shipbuilder.
Greer is also expected to meet with the CEO of Hanwha Ocean, another key South Korean shipbuilding firm that provides maintenance and overhaul services for U.S. Navy vessels.
Following news of the meetings, shares in Hanwha Ocean rose nearly 3 percent, while HD Hyundai Heavy Industries saw a 3.6 percent gain on Friday morning.