Kim Min-seok on Korea-US Tariffs: Averting Disaster?

by ethan.brook News Editor

Kim min-seok Assures APEC Preparations on Track Despite Lingering Concerns

The Asia-Pacific Economic Cooperation (APEC) summit, slated to begin in four days, is nearing completion, though final preparations are focused on resolving lingering issues like “sick building syndrome,” according to Prime Minister Kim Min-seok.

Prime Minister Kim visited the economic exhibition hall at the Expo Park in Gyeongju-si, Gyeongsangbuk-do on Thursday, touring the high-tech future industry pavilion and reaffirming the government’s commitment to a successful summit. This marks his eighth visit to Gyeongju in preparation for the event.

Addressing reporters at a local café, Kim acknowledged the challenges faced in organizing the summit, stating, “The last problem is sick building syndrome.How do we get rid of that smell?” He elaborated that officials are actively addressing the issue, “thinking about it and preparing for it,” even down to the specifics of eliminating the odor.

The Prime Minister described the initial state of the venue as disorganized,requiring important effort to transform. “Actually, it was dark at first. The infrastructure and everything where not organized at all,” he said. “Every time I came here eight times, I inspected different parts.” Despite the initial hurdles, Kim expressed confidence in the progress made, noting that the space has been “organized well with a Korean feel.”

Beyond the logistical preparations for APEC, Kim addressed the ongoing Korea-US tariff negotiations, framing them as a continuation of the momentum established by the recent Korea-US summit. He characterized the negotiations as a critical task inherited from the previous management, acknowledging both positive developments and unexpected difficulties. “Now, on the one hand, it is indeed better than expected, but on the other hand, there is a situation that is more difficult than expected,” he stated.

Regarding the status of the tariff talks, Kim cautioned against rushing to a conclusion. “It is indeed progressing considerably, but the final stages are very difficult to predict. Being rushed to reach a conclusion may not necessarily be helpful in reaching an overall conclusion.” He addressed differing statements from President Lee Jae-myung, who suggested a longer timeline for completion, and Presidential Office Policy Director Kim Yong-beom, who indicated the negotiations were nearly finalized, asserting they were “not saying different things, but rather the same thing.” He added, “It seems clear that it has been narrowed down.”

Kim acknowledged uncertainty about finalizing all outstanding issues before the APEC summit, reiterating the President’s stance against being pressured into a hasty agreement.”I don’t know weather all the last-minute issues can be finalized by the APEC period or not,” he said. “People who are anxious to reach a conclusion, and being chased when they are being chased, may not be helpful in reaching an overall conclusion.”

Drawing a ancient parallel, Kim referenced the efforts of former Prime Minister Han Deok-soo to finalize negotiations during a previous election cycle, warning against repeating that approach. “If we had fallen into that quagmire, wouldn’t we have been able to start with our feet already in such a deep quagmire that we could not get out of control?” He emphasized a broad consensus, “There may be different judgments about whether the current government negotiated well or poorly, but the judgment that the United States’ initial request, as known so far, is not easy for us to handle is not agreed upon by most people, nonetheless of the ruling and opposition parties.”

The Prime Minister’s comments underscore the delicate balance between securing favorable trade terms and avoiding a rushed agreement that could prove detrimental to Korea’s economic interests as the nation prepares to host a pivotal international event.

Did you know?-APEC includes 21 member economies representing approximately 48% of global trade and 62% of global GDP, making it a key forum for economic cooperation in the Asia-Pacific region.

Leave a Comment