The government has formed a large delegation of over 50 people from eight ministries to participate in the 'Korea-U.S. 2+2 Trade Consultation.'
According to each ministry on the 23rd, this Korea-U.S. trade consultation will involve over 50 participants from eight ministries, including joint chief representatives Minister Choi Sang-mok from the Ministry of Economy and Finance and Minister Ahn Duck-geun from the Ministry of Trade, Industry and Energy.
Of these, half are from the Ministry of Economy and Finance. Included are the Deputy Minister for International Economic Affairs, Director of the Bureau of International Economic Affairs, Commissioner of Tariffs, Director of Development Finance, Head of Multilateral Finance, Head of Financial Cooperation, Head of Foreign Currency Funds, Director of FTA Tariff Implementation, and a Spokesperson. Notably, the inclusion of the Head of Foreign Currency Funds seems to be in preparation for the possibility of the U.S. raising currency issues.
A Ministry of Economy and Finance official noted, 'About 20 people were expected to attend the G20 Finance Ministers Meeting and the International Monetary and Financial Committee (IMFC) held in Washington, D.C., but about 10 additional members will now go on the trip for this 2+2 consultation.'
Eighteen members from the Ministry of Trade, including First Deputy Minister Park Seong-taek, Director of Trade Policy, Director of U.S. Trade, Director of Shipbuilding and Marine Plant, Director of Automotive Industry and Head of the U.S.-Korea Cooperation Task Force, are included in the delegation. It is reported that the Director of Shipbuilding and Marine Plant is participating to enhance cooperation in the shipbuilding sector, and the Director of Automotive Industry is involved to address tariff issues.
However, an official from the Energy Policy Office, responsible for the energy sector, was not included in this delegation. The Ministry of Trade explained, 'A separate on-site delegation for the Alaska liquefied natural gas (LNG) project is planned to go shortly.'
Additionally, 1 to 3 people from the Ministry of Foreign Affairs, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Environment, and the Ministry of Health and Welfare are participating in the delegation. This appears to be in preparation for the possibility of the U.S. raising non-tariff barrier issues.
In fact, the Office of the United States Trade Representative (USTR) has consistently mentioned South Korea's non-tariff barriers through its National Trade Estimate (NTE) report. Notable examples include quarantine of agricultural products, restrictions on Google's precision map exports, drug pricing methods, and screen quota systems.
Meanwhile, those responsible for defense cost increase negotiations from the Ministry of National Defense and the North America division of the Ministry of Foreign Affairs are not included in this delegation. This is interpreted as an intention to 'separate trade and defense cost discussions.'
Minister Ahn, when asked about the increase in defense costs while departing, stated, 'I am well aware of the situation in Japan, and I am prepared for the possibility that the increase in defense cost contributions may be presented as an agenda item.'