Seoul: South Korea is set to accelerate its ongoing trade negotiations with the United States as the new government aims to finalize a deal before the U.S. temporary suspension of reciprocal tariffs ends. The newly appointed trade minister, Yeo Han-koo, announced this initiative, emphasizing the urgency of the talks during his inauguration address.

According to Yonhap News Agency, Yeo highlighted the democratic legitimacy and clear mandate of South Korea's new government as key factors in expediting the "shuttle negotiations" at the trade minister's level. The minister outlined plans to establish a new structural framework aimed at fostering mutually beneficial cooperation between Korea and the U.S. in areas of industry, trade, and investment over the next five years.

Yeo stated that the negotiations aim to achieve outcomes that prioritize national interests, with a focus on expanding cooperation in advanced technologies such as artificial intelligence and digital sectors. He underscored the importance of enhancing the global competitiveness of Korean industries and fostering new economic growth engines.

The trade ministry plans to establish a comprehensive response system for trade negotiations with the U.S., including an expansion of the existing task force to address trade, industry, and energy issues. Yeo mentioned the elevation of the chief working-level representatives from the director level to the first-class senior level to strengthen the negotiation process.

He stressed the mutual necessity of the partnership, citing that while South Korea needs the United States, the United States also requires South Korea. Both nations have been discussing tariffs, non-tariff measures, and other trade issues, with a target to finalize a package deal by July 8. This deadline coincides with the end of the U.S. suspension of reciprocal tariffs initially imposed by former President Donald Trump. These tariffs were a response to concerns over South Korea's trade surplus and non-tariff barriers, including bans on American beef and restrictions on the transfer of high-precision map data.