Trade talks: S. Korean Finance Minister to meet US Treasury Secretary

Seoul, Oct 12 (IANS) Finance Minister Koo Yun-cheol is likely to hold a meeting with US Treasury Secretary Scott Bessent later this week in Washington, DC, on the sidelines of international gatherings, a source close to the matter said on Sunday, amid little progress over tariff negotiations.

As part of a framework trade deal to lower U.S. tariffs in July, South Korea and the United States have announced a $350 billion investment package from Seoul in principle. South Korea has demanded the U.S. establish a bilateral currency swap, saying that Seoul would face a financial crisis if such direct investment to the U.S. is made without safeguards, reports Yonhap news agency.

Koo will depart for Washington on Tuesday to attend meetings of the Group of 20 finance ministers and the annual gatherings of the International Monetary Fund, the finance ministry said Sunday.

On the sidelines of the multilateral gatherings, Koo is likely to hold a bilateral meeting with Bessent, according to the source.

Still, the date and agenda of the possible meeting between Koo and Bessent have yet to be confirmed, the source said.

Details of ongoing trade talks between South Korea and the U.S. were still unclear, but Seoul is also said to have requested reasonable flexibility in the proportion of direct investments, as well as a say in the selection of investment destinations to ensure commercial viability.

However, Seoul and Washington have yet to finalize details regarding the investment package and profit-sharing arrangements, and have not yet been able to formalize the agreement into a memorandum of understanding.

In September, Yun-cheol held trade talks with Bessent on the details of South Korea's planned investment in the United States, a currency swap and other issues during his ongoing visit to New York.

—IANS

na/