Korean Official: Trade Framework Agreement with U.S. Could Be Reached by August

BlockBeats News, July 14th. On Monday, South Korea's chief trade negotiator said that it is possible to reach a "principled" trade agreement with the United States by the final deadline of August 1st, hinting that South Korea may be open to expanding market access for agricultural products.

South Korea's Ministry of Industry, Trade and Resources' Trade Negotiations Director, Yoo Han-kyu, stated that South Korea is seeking to avoid the imposition of "unfair" tariffs by the United States on key industrial sectors, which would undermine its industrial cooperation with its primary security ally and trading partner.

"I believe it is possible to reach a principled agreement in the U.S. tariff negotiations and then take some time for further negotiations," Yoo Han-kyu said. "Twenty days are not enough to craft a perfect treaty containing all the details." "We need to make a strategic judgment on agriculture and livestock," Yoo Han-kyu said. "Sensitive areas may need to be further protected, but some aspects may be considered part of the overall framework." (FXStreet)