Washington: The United States is on the verge of concluding trade negotiations with South Korea, Treasury Secretary Scott Bessent announced. This development comes as both countries have been working towards finalizing the specifics of South Korea's $350 billion investment pledge under a bilateral trade agreement established in July.

According to Yonhap News Agency, Bessent's comments were made during a CNBC forum when he was asked about his current primary trade negotiation focuses beyond China. He indicated that the negotiations with South Korea are nearing completion, stating, "I think we are about to finish up with Korea." Although he did not provide specific details, Bessent acknowledged that key issues, particularly related to Korea's investment package, are being resolved.

Under the framework of the trade deal, South Korea has promised to invest $350 billion in the United States. In exchange, the U.S. has agreed to reduce its "reciprocal" tariff and auto tariff on South Korean imports from 25 percent to 15 percent. Despite this agreement, the deal has not yet been implemented as both parties continue to address various issues, including the funding mechanism for Korea's investment package and the distribution of profits.

Bessent's remarks have led to speculation that an agreement on the investment package and other trade-related matters is imminent. The negotiations are anticipated to accelerate this week with the arrival of key South Korean officials in Washington.

Kim Yong-bum, South Korea's presidential chief of staff for policy, and Industry Minister Kim Jung-kwan are scheduled to meet with U.S. Commerce Secretary Howard Lutnick. Additionally, Finance Minister Koo Yun-cheol is expected to engage with Bessent while attending the Group of 20 finance ministers' meetings, along with the annual gatherings of the International Monetary Fund and World Bank in Washington.