Cho Hyun: "US-South Korea Summit Joint Statement Not Issued Due to Concerns Over Investment Burden"

"Negotiations were delayed because we strongly pushed back on unacceptable terms"

Foreign Minister Cho Hyun attended an emergency parliamentary session before departing for the US (Seoul=Yonhap News) Reporter Hwang Kwang-mo = Foreign Minister Cho Hyun answers questions from lawmakers regarding the US immigration authorities' crackdown on illegal stay and employment of Korean companies in Georgia, US, at an emergency parliamentary session held at the National Assembly on the 8th. 2025.9.8 hkmpooh@yna.co.kr

Foreign Minister Cho Hyun stated on the 8th that the joint statement of the South Korea-US summit was not released due to concerns about the burden of the investment sector.

Responding to questions at a plenary session of the National Assembly's Foreign Affairs and Unification Committee about the absence of a joint statement at the South Korea-US summit held at the end of last month, Minister Cho said, "We had been pursuing the release of any partial agreements."

He added, "However, we did not accept the terms related to the investment sector, which the US is most focused on, as it could place a significant burden on our citizens."

He continued, "If you look at the details of the US-Japan agreement, you will understand why our government is taking time to negotiate and formulate an agreement."

President Trump's executive order to implement the US-Japan trade agreement includes provisions for Japan to further open its markets to US manufacturers in the automotive, aerospace, agriculture, food, energy, and industrial product sectors.

It also includes a commitment by the Japanese government to invest $550 billion in the US, with the US government selecting the investment destinations, and the possibility of adjusting tariffs if Japan fails to properly implement the trade agreement.

Minister Cho stated, "Looking at the negotiated terms that Japan has finalized, there are many problems when we try to create a similar agreement. We are delaying negotiations because we are very strongly pushing back against the US on terms that we cannot accept."

In response to a question from Kim Geon, a member of the People Power Party, about whether the most-favored-nation (MFN) status for South Korea's semiconductor tariffs is uncertain, Minister Cho replied, "As of now, that is the case."

Minister Cho also reported that the draft summit agreement considered by South Korea and the US did not include strategic flexibility to expand the role and missions of US Forces Korea to regions outside the Korean Peninsula, such as the Taiwan situation.

Regarding the large-scale detention of South Koreans by US immigration authorities, Minister Cho stated, "At the previous summit, South Korea made a request for large-scale investment, and we responded positively. To realize this, we emphasized to the US side that the visa issue is a prerequisite and will continue to discuss concrete implementation plans."

When asked if the issue of expanding visas for South Koreans was discussed during the South Korea-US summit, he said, "This issue was not on the agenda at that time."