Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok explained that the statement by U.S. Treasury Secretary Scott Balson indicating that major Asian countries wish to conclude trade negotiations before elections seemed directed towards a domestic audience.
On the 30th, Deputy Prime Minister Choi said during a Strategy and Finance Committee meeting in the National Assembly, “I was surprised by the comments made the day before, and after looking up the original text, I understood it to mean, ‘Ah, this was discussed for domestic purposes at the 100 days inauguration press conference.’ I have requested the background of the statement from the U.S. Treasury.”
In response to criticism from Democratic Party of Korea lawmaker Kim Tae-nyeon about hastening trade negotiations with the U.S., Deputy Prime Minister Choi stated, “It’s not that we are hastening; we received a 90-day deferment,” adding, “The speed is not fast.” He further noted, “There is no reason to reach any conclusions before the election.”
Earlier, on the 29th (local time), Secretary Balson responded to a question regarding the potential delays in reaching a deal due to key political schedules in Asian countries, such as South Korea’s 6.3 presidential election and Japan’s July House of Councilors election, during a briefing on the economic achievements marking the 100 days of President Donald Trump’s administration. He stated, “I have a different opinion. From discussions, I believe these (South Korea and Japan) governments want to complete the framework of the trade agreement to show that they successfully negotiated with the U.S. before their elections.” He added, “We find that they wish to come to the negotiating table and finalize this agreement, and that they want to use it as a basis for their election campaigns.”
In response, the Ministry of Economy and Finance stated the day before in a press release, “The government has not mentioned that it wishes to conclude trade negotiations between South Korea and the U.S. before the presidential election.” It further reiterated its unchanged stance of proceeding with consultations with the U.S. without haste and according to procedures.