FX.co ★ Seoul, Washington Push to Seal Trade Pact by August Deadline

South Korean trade representatives convened with their U.S. counterparts in Washington, with a commitment to finalize a trade agreement by the August 1 deadline, as communicated by South Korea's Ministry of Trade, Industry and Energy. During the meeting on Thursday, Industry Minister Kim Jung-kwan engaged in discussions with U.S. Commerce Secretary Howard Lutnick, focusing on trade and manufacturing collaborations. Although a separate meeting with Treasury Secretary Scott Bessent was canceled due to scheduling issues, there are intentions from both parties to reschedule. "We will exert every effort to ensure our South Korean companies are not placed at a disadvantage relative to our competitors," stated Kim, emphasizing the objective of achieving the most favorable terms by the August 1 deadline. Concurrently, Trade Minister Yeo Han-koo conducted a video conference with Alabama Governor Kay Ivey to deliberate on Korean investments in the state, which hosts operations by corporations such as Hyundai Motor. Notably, in March, Hyundai disclosed plans to allocate approximately USD 21 billion in the United States over the subsequent four years.