BILATERAL TALKS
On the sidelines of the gathering, US Trade Representative Jamieson Greer is scheduled to hold at least one bilateral trade talk with his South Korean counterpart on Friday.
The gathering comes after the Trump administration signed its first bilateral trade agreement with Britain last week and agreed with China to lower tariffs significantly at their first face-to-face talks in Geneva on May 10 and 11.
It was not clear who would represent Beijing at the gathering and whether there might be more bilateral meeting with the US. Reuters has confirmed at least a third of the countries are sending their trade chiefs.
In late April, when South Korea agreed with Washington to craft a trade package by July after an opening round of negotiations, Seoul said the meeting in Jeju would be an “interim assessment”.
“There is scepticism we will see significant progress at the meeting, as there have not been substantive negotiations at the working level,” said Heo Yoon, a professor of international trade at Sogang University in Seoul.
In the latest chapter of South Korea’s ongoing political turmoil, Prime Minister Han Duck-soo, who had led negotiations as acting president, resigned earlier this month, followed swiftly by Finance Minister Choi Sang-mok, who took part in the opening round of talks as the country heads for a snap election.
“What South Korea will do at this stage is to make efforts to set an atmosphere where it can steer future negotiations to its advantage,” said Heo, who advises on trade talks.
US Commerce Secretary Howard Lutnick said in an interview with Bloomberg News last week that trade deals with South Korea and Japan “are not going to be fast deals”, as they were expected to take significantly more time to complete than the deal with Britain.
To speed up negotiations, Washington and Seoul have agreed to bring all the proposed agendas to one table and discuss them altogether, rather than setting up separate working groups for each, one South Korean official told Reuters.
“It is likely the United States will also meet other countries at the gathering, so we will monitor those as we proceed with our own negotiations,” another South Korean official said.
The Trump administration has initiated trade talks with many other APEC members, including Japan, Indonesia, Taiwan, and Vietnam, while other countries, such as Canada, Thailand and Malaysia, are also seeking negotiations.
APEC is a regional non-binding economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific region, with its member “economies” also including Hong Kong and Taiwan.
Source: CNA
