High-level trade talks held in Jeju as APEC ministers' meeting kicks off

Korea's Trade Minister Cheong In-kyo, right, shakes hands with U.S. Trade Representative Jamieson Greer after their meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, on the southern resort island of Jeju, Thursday. Courtesy of Ministry of Trade, Industry and Energy

JEJU — Top trade envoys of Korea and the United States sat down for tariff negotiations on Jeju, Thursday, amid Seoul’s efforts to sign a package deal that will ease impacts of Washington’s proposed “reciprocal” tariffs.

Korea’s Trade Minister Cheong In-kyo and U.S. Trade Representative (USTR) Jamieson Greer met on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which kicked off on the southern resort island of Jeju earlier the same day.

"During the meeting with USTR Jamieson Greer, (Korea) has inquired the negotiation process between the U.S. and other major countries regarding the U.S. tariff measures, while also discussing trade issues between our two countries," Cheong told reporters after the meeting.

"Also, as Korea hosts the APEC summit this year, both countries have agreed to cooperate to draw progressive results (from APEC)."

Though details of their talks remain unknown, their meeting is assumed to be serving as a prelude to Korea’s push for a “July package” — a set of trade deals aimed at easing the impact of Washington’s proposed tariffs — before the current tariff reprieve expires on July 8.

Cheong’s inquiry into the status of other countries’ negotiations is interpreted as the Korean government’s cautious stance, as a new administration is set to take office following the June 3 presidential election.

Following Cheong, Korea’s Industry Minister Ahn Duk-geun will also visit Jeju on Friday for the second round of trade talks with Greer, following last month’s "two-plus-two consultations" in the U.S.

Greer is also scheduled to have a closed-door meeting with the CEOs of Korea’s two leading shipbuilders, HD Hyundai Heavy Industries and Hanwha Ocean, in Jeju on Friday.

During the meeting, which will be held at the U.S.’s request, HD Hyundai Heavy Industries CEO Lee Sang-kyun and Hanwha Ocean CEO Kim Hee-cheul are expected to discuss specific plans for cooperation between Korea and the U.S. shipbuilding industries, in the fields of commercial and naval vessels and maintenance services.

As Trump has been keen on forming strategic cooperation with Korea, which is China's biggest competitor in the shipbuilding industry, the meeting is expected to play a key role in facilitating agreements following government-level meetings between Seoul and Washington.

Korea’s Trade Minister Cheong In-kyo, center, who is serving as chair for the Asia-Pacific Economic Cooperation Ministers Responsible for Trade Meeting, makes an opening remark during the meeting, at Jeju International Convention Center, in southern Jeju Island, Thursday. Courtesy of Ministry of Trade, Industry and Energy

Amid ongoing global trade turbulence, the APEC trade minister meeting has emerged as a key negotiation platform for trade chiefs from major countries, as they seek to engage in bilateral talks, particularly with the U.S., on the sidelines of the main event.

Greer and China's Vice Commerce Minister Li Chenggang met for a bilateral meeting on Thursday, following up on their two-day talks over the past weekend in Geneva, during which the two sides agreed to reduce reciprocal tariffs by up to 115 percent for 90 days, signaling a major de-escalation in global trade tensions.

Korea’s Ministry of Trade, Industry and Energy is hosting the two-day meeting ahead of the APEC summit slated for this October in Gyeongju, North Gyeongsang Province.

Joining the event are trade ministers from 21 member economies in the Asia-Pacific region, including Greer and Li. Ranking officials from the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development also attended.

"Today, the global environment surrounding APEC economies faces an array of challenges," Cheong said during the opening remarks for the meeting. "As cross-border trade and interconnected supply chains continue to expand, growing uncertainties are placing a strain on the global economy and trade landscape.

During the ministers’ meeting, HS Hyosung Vice Chairman Cho Hyun-sang, who is also the chair of the 2025 APEC Business Advisory Council, also stressed the importance of maintaining “free and open trade,” urging participating trade ministers to support the core principles of the WTO.

The Jeju International Convention Center in the southern part of Jeju Island / Yonhap

On the occasion of the event, Korea held a series of talks with the trade ministers from the attending economies, including China, Vietnam, Mexico, Philippines and New Zealand, as well as WTO Director-General Ngozi Okonjo-Iweala.

“At the Korea-China meeting, China essentially made several points they’ve previously made, emphasizing the importance of the multilateral system and that China is making considerable efforts to maintain the global supply chain,” Cheong told reporters on Thursday.

“We also (told them we) acknowledge that China, the U.S. and Korea are all important economic partners, and now that the U.S. and China have agreed to a 90-day tariff pause in Geneva, we hope that issues will be resolved well during that period.”

He added that there were no discussions regarding economic security, saying, “The U.S. has established economic security as one of the important agendas for negotiation and consultation. However, in today's discussions with China, there was no mention (on the topic).”