Washington: Foreign Minister Cho Hyun recently communicated to U.S. Secretary of State Marco Rubio that South Korea is not intentionally delaying the legislative processes required to fulfill its investment commitments under a bilateral trade agreement.
According to Yonhap News Agency, Cho made these statements at a press meeting, highlighting that Rubio acknowledged the unfavorable sentiment in the United States regarding the perceived lack of progress in implementing Seoul's commitments under the trade deal. This discussion took place prior to a U.S.-hosted ministerial meeting on critical minerals in Washington, where Cho and Rubio met.
The meeting occurred against the backdrop of U.S. President Donald Trump's threat last week to increase tariffs on South Korean products, including autos, lumber, and pharmaceuticals, citing delays in passing a special investment bill in South Korea. The proposed tariffs would raise duties to 25 percent from the current 15 percent.
"Secretary Rubio expressed concerns, noting that while the bilateral relationship is not in a bad state, the internal climate in the U.S. is unfavorable regarding South Korea's implementation of trade-related commitments," Cho reported. Rubio also emphasized the need for enhanced communication between the two nations' diplomatic bodies to prevent the negative sentiment from affecting the overall bilateral relationship.
Cho reiterated South Korea's unwavering commitment to implementing the trade deal, dismissing any suggestion that the legislative process was being intentionally delayed as unfounded. Under the agreement, South Korea pledged to invest US$350 billion in U.S. industries, while the U.S. agreed to lower tariffs on South Korean goods to 15 percent from 25 percent.
The trade deal, along with other security agreements, was outlined in a joint fact sheet released by both governments in November. During his talks with Rubio, Cho emphasized that trade issues should not hinder cooperation on security and other matters.
"I urged Rubio to ensure that relevant U.S. agencies engage in sufficient consultations on key bilateral agreements concerning civil nuclear energy, nuclear-powered submarines, and shipbuilding," Cho stated. The joint fact sheet includes U.S. approval for South Korea to construct nuclear-powered attack submarines and support for Seoul's civil uranium enrichment and spent nuclear fuel reprocessing rights.
During his visit to Washington, Cho reiterated that both Seoul and Washington are committed to faithfully implementing the hard-won trade agreement. On Wednesday, Cho also met with U.S. Trade Representative Jamieson Greer, who underscored the importance of South Korea's progress in making strategic investments in the U.S. and addressing non-tariff barriers.