The South Korean government will do its "utmost" to reach a "reasonable" and "fair" tariff agreement with the United States, the industry minister said Monday, vowing efforts to safeguard Korea's economy amid growing uncertainties in global trade.
"We are continuing talks with Washington to iron out differences over the details of the creation and management of Korea's investment package for the US, and will do our utmost to reach a reasonable and fair agreement (with the US) prioritizing our national interests," Industry Minister Kim Jung-kwan said during the annual parliamentary audit of government organizations.
Kim said the Seoul government will use the tariff deal with the administration of US President Donald Trump as an opportunity to help Korea's strategic industries expand their foothold in the world's largest economy.
Since striking a framework trade deal in late July, the two countries have been working to settle their differences over how to finance the $350 billion investment Korea plans to make in the US and share profits.
"We are facing heightened uncertainties amid the US-led trade protectionism and China's monopoly on critical minerals, while our export structure remains vulnerable to external shocks due to heavy dependence on certain countries," Kim said.
"While doing our best to conclude follow-up negotiations with the US on the tariff deal, the government will work to strengthen strategic cooperation with the US, China and Japan and diversify Korea's cooperation network to nations in the Global South," he added.
On ways to revitalize the sluggish economy, the minister said the government plans to foster the integration of artificial intelligence technologies in manufacturing industries.
"We aim to improve the productivity of the manufacturing sector by 30 percent with the planned establishment of over 500 AI factories by 2030."
The government will also work to facilitate the use of renewable energy and begin creating special industrial complexes fully powered by clean energy sources next year, according to the industry ministry. (Yonhap)
