Wi Sung-lac, director of the Office of National Security, on the 1st said regarding work on a joint document, a "joint fact sheet," covering agreements with the United States on tariffs, trade and investment, and security, "We are adjusting detailed language in the security area," adding, "There is no essential problem." Wi made the remarks at a briefing at Gyeongju Hwabaek International Convention Center (HICO) after the end of the South Korea-China summit when asked about the status of document work between South Korea and the United States.
Wi said, "There has been some progress in the situation and some new issues added, so the language is being adjusted," adding, "However, the United States is currently on a holiday, so progress is slow, and similar language adjustments on the joint fact sheet remain."
Earlier, the two countries concluded, on the 29th, tariff negotiations and a U.S.-bound investment fund that includes "$20 billion a year (about 2.85 trillion won) over more than 10 years in installments." The presidential office explained that investments will be selected only for projects with commercial rationality, and safeguards have been put in place, such as paying in installments according to project progress. It also said it specifies that "semiconductors will be subject to a level of tariffs not disadvantageous compared with Taiwan," and does not include additional market opening for agricultural products, among others.
Policy Chief Kim Yong-beom said at a briefing the previous day, "The MOU on tariff negotiations and the 'joint fact sheet' on tariffs, investment, and trade are almost finalized between the South Korean and U.S. authorities," adding, "In the security area, the two sides are holding final consultations over some wording." The aim is to include security, investment, and trade in full on the occasion of the South Korea-U.S. summit. However, further negotiations will be needed on key issues such as selecting specific investment destinations.