Kim Yong-beom, a key aide to President Lee Jae Myung and director of national policy, speaks during a briefing on Oct. 1. (Yonhap) |
Kim Yong-beom, a key aide to President Lee Jae Myung and director of national policy, said Wednesday that Seoul is striving to finalize the trade deal with Washington, stressing that it could be achieved by the end of this month when the two countries' leaders are poised to meet in Gyeongju for the APEC event.
"Working-level negotiations are in progress to conclude the tariff agreement between (Lee and Trump) by no later than the timing of the APEC events," Kim said in an interview with 3Pro TV, a South Korean YouTube channel dedicated to economic affairs with some 2.8 million subscribers.
US President Donald Trump has expressed his intention to visit South Korea later in October on the occasion of the APEC Economic Leaders' Meeting in Gyeongju, North Gyeongsang Province, which is about two weeks away. The announcement sparked speculations that Lee may host a summit with Trump, but Lee's office has yet to confirm any plans for the summit.
"While there is no specific deadline, APEC is effectively our goal, as an opportunity for the two leaders to meet is not that frequent," Kim said.
Earlier on Wednesday, the presidential office revealed that Kim would fly to the US Thursday to continue trade deal negotiations. According to presidential spokesperson Kang Yu-jung, Kim and Industry Minister Kim Jung-kwan will hold talks with US Secretary of Commerce Howard Lutnick.
Kim Yong-beom (left), a key aide to President Lee Jae Myung and director of national policy, speaks during an interview with 3Pro TV. (Courtesy of the presidential office) |
Kim said in the interview that a breakthrough in the stalled negotiation was being reached, as the US has suggested a "very meaningful" alternative to Washington's earlier demand that South Korea's $350 billion investment in the US must be made with "upfront" cash investment into equities, instead of a combination of loans and guarantees as South Korea claimed.
South Korea and the US reached a trade deal on July 31, but subsequent talks have reached a bottleneck amid such US demands.
Kim told 3PRO TV that Seoul had explained to Washington the impact the deal would have on the foreign exchange market if the payment were made upfront. He also said the agreement must be devised in a way that would be accepted by parliament, given that special law and the National Assembly's approval are required.
"The (initial demands) would have been unacceptable for us, so we ended up exchanging heated words," Kim said. "Now, I believe that situation has somewhat died down, and the US has understood what South Korea is saying. The US has put forward its own alternative, so I see this as significant progress."