Korea – US Meeting for the Trade Issues

On 7th and 8th of August for two days in Seoul, Korea and US will have the third review meeting for the trade issues. The meeting will focus on mainly steel, automotive, medicine and intelligent property right.

The two countries will review the progress of the issues in the second review meeting for the trade issues of year 2002 in Washington such as steel, automotive, agricultural products, medicine and intelligent property. In the meeting, the two countries also discuss about global economic environments and new trade issues.

US is estimated to demand Korea for reducing tariff on automotive from 8% to 2.5% of US level. It may also propose to discuss about the reform of taxation system concerned and consumers’ preconception. US will also mention about its difficulties on custom clearance of genetic modified agricultural products and processed foods.

Korea will demand for US to suggest a solution for trade dispute on steel and to open market for Korean melon, cucumber, pumpkin and orange.

For Korea party, Park Sang Kee, the Senior Officer for Regional Trade Department of the Ministry of Foreign Affairs and Trade, will represents with public officers from the Ministry of Finance and Economy, the Ministry of Agriculture and Forestry, and other ministries concerned. In US, the Vice Representative in Charge of Korea of USTR will come as the chief representative of the delegation.

The Ministry of Foreign Affairs and Trade evaluates this meeting just one of regular meeting to review new trade issues. However, recently, US experiences large amount of trade deficits. So it is very difficult to estimate US’s demand in this meeting.

higgledy@donga.com