Washington: Industry Minister Kim Jung-kwan will visit Washington this week to hold follow-up negotiations with the U.S. Donald Trump administration on a framework tariff agreement reached earlier, his office said Wednesday. Kim's visit aims to discuss further details and settle ongoing differences regarding the bilateral trade deal.

According to Yonhap News Agency, Kim will depart for Washington on Thursday to engage in talks with U.S. trade officials, including Commerce Secretary Howard Lutnick. Trade Minister Yeo Han-koo has already arrived in the U.S. capital earlier this week to prepare for these crucial discussions.

Since the bilateral framework trade deal was struck in late July, both Seoul and Washington have been working diligently to resolve their differences over the financing structure of the proposed US$350 billion investment that Korea plans to make in the U.S. The primary contention lies in the method of investment, with Seoul favoring a model comprising loans and credit guarantees, while the U.S. insists on direct investment.

Earlier this week, the presidential office announced that the U.S. administration had responded to some revised proposals concerning the investment package, indicating progress in the negotiations.