APEC Outlook Seminar hosted by the Korea Economic Institute. Provided by KEI. 

With expectations rising that a final agreement on the Korea-US trade negotiations is imminent, experts suggest that both countries are accelerating their efforts to conclude the talks before the Asia-Pacific Economic Cooperation (APEC) summit at the end of this month.

At a seminar on the outlook for the APEC summit, hosted by the Korea Economic Institute (KEI) in Washington D.C. on the 15th (local time), Kurt Tong, Partner at The Asia Group, stated, "With President Donald Trump's visit to Korea approaching, both sides are focusing on trade negotiations," and added, "We can expect some progress."

He commented, "The Korea-US trade agreement will be quite similar to the US-Japan trade agreement," explaining, "Any other agreement would be politically difficult for the Korean president to accept. Therefore, this agreement will be at a reasonable level."

He further elaborated, "This is because practical considerations must be reflected, such as how much investment Korea can actually afford, how quickly it can be implemented, under what conditions it can be fulfilled, and to what extent the Korean government can provide support."

Tong, referring to the Korean government's approach of taking its time in negotiations with the US, called it a "wise approach." He noted, "If Korea had accepted unreasonable conditions under time pressure, it would have eventually had to renegotiate later, which would not have been good for bilateral relations."

He added, "It would likely be better for Korea to endure slightly higher tariffs temporarily rather than rushing into a bad agreement."

Ahn Se-ryeong, Minister for Economic Affairs at the Korean Embassy in the US, who is in charge of economic diplomacy with the US, stated, "Although President Trump's visit to Korea at the end of this month has not been officially announced, we expect a trade agreement to be reached before then."

Minister Ahn introduced that "Progress is also being made between Korea and the US in the areas of security, investment, trade, and technology cooperation, and both sides will be able to announce many outcomes when President Lee and President Trump meet at the end of this month."

He emphasized, "It would be good if negotiations conclude soon, as major Korean companies are at a disadvantage compared to their competitors due to the unresolved negotiations with the US. However, as President Lee has repeatedly stressed, any agreement must be commercially reasonable and mutually beneficial."

Regarding the possibility that President Trump may not attend the main APEC events even if he visits Korea, Minister Ahn stated that they are in close consultation with the US and expressed hope for President Trump's attendance, saying, "The attendance of the US President is very important for the success of APEC."

Yonhap News Agency