Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.
Korea, US set to embark on advanced trade talks during APEC meeting
Korea's Trade Minister Cheong In-kyo, second from right, engages in a high-level trade consultation with U.S. Trade Representative Jamieson Greer, third from left, in Washington, D.C., April 24 (local time). Courtesy of Ministry of Economy and Finance
By Lee Gyu-lee
Korea unlikely to be hasty amid leadership vacuum
Korea and the United States are expected to hold a second round of high-level trade talks this week on the sidelines of the upcoming Asia-Pacific Economic Cooperation (APEC) ministerial meeting here to fine-tune the details for their possible "July package" deal.
The U.S. delegation includes U.S. Trade Representative (USTR) Jamieson Greer who will visit Korea's southern Jeju Island for two days from Thursday for talks with Trade Minister Cheong In-kyo.
There is a possibility that Industry Minister Ahn Duk-geun will also fly to Jeju to address Korea's challenges and arrange a schedule for future talks.
The APEC ministers' meeting is held to discuss trade-related issues ahead of the APEC summit in Gyeongju, North Gyeongsang Province, this October.
Both countries held their first round of trade talks last month under a "two-plus-two consultation" format with finance and trade ministers from both countries.
Given Korea's ongoing leadership vacuum — triggered by the impeachment of former President Yoon Suk Yeol — the government's basic stance is that the next administration, which will be decided by the June 3 presidential election, should be the one to strike a deal.
"Korea is not prepared to reach a conclusion in the ongoing tariff talks with the U.S. until Election Day," Ahn told lawmakers last month.
A customer picks up American beef from a local supermarket in Seoul, April 1. Yonhap
Earlier, the two countries agreed to hold more comprehensive negotiations on multiple trade issues regarding U.S. President Donald Trump's imposition of "reciprocal tariffs."
Korea has requested exemptions for the reciprocal tariffs and other sectoral tariffs, including 25 percent duties on cars and certain auto parts.
It is also likely that Korea and the U.S. will discuss other sensitive trade issues as well, such as restrictions on U.S. beef imports and digital trade policies, including Google's request to transfer high-precision local map data overseas.
Both issues were raised as "nontariff trade barriers" in the USTR's 2025 National Trade Estimate Report.
The report took issue with Korea’s restrictions on location-based data, claiming it was a “competitive disadvantage for international suppliers seeking to incorporate such data into services.”
Former Deputy Prime Minister and Finance Minister Choi Sang-mok explained after the high-level talks last month that he had discussed various considerations with the U.S. in proceeding with further trade discussions, especially in light of Yoon's ouster and the upcoming snap presidential election.
As long as the Korean government maintains its position not to settle on specific agreements until after the new administration comes into office next month, the two countries will not be able to reach any concrete agreements, but may narrow lingering gaps in their respective views on trade.
Kim Hyun-chong, former trade minister and security adviser to Democratic Party of Korea presidential candidate Lee Jae-myung, also said he made it clear that Korea "needs more time" until it settles the political instability, during his recent meeting with Trump administration officials.