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South Korea and US Advance Toward July Tariff Relief Agreement

High-level talks in Washington establish a framework for negotiations, with working-level discussions set to begin next week.

Overview

  • South Korea and the US agreed to pursue a comprehensive 'July Package' aimed at eliminating tariffs on Korean exports before the July 8 grace period ends.
  • The agreement was reached during an April 24 '2+2' meeting in Washington between top finance and trade officials from both nations.
  • Negotiations will focus on four key areas: tariffs and non-tariff barriers, economic security, investment cooperation, and exchange rate policy.
  • Working-level discussions next week will determine the specific issues to be included in the final agreement.
  • South Korean markets, including the KOSPI and the won, rose on optimism surrounding the progress in talks.