Industry minister says 'meaningful progress' achieved in talks with U.S.

SEOUL, Aug. 20 (Yonhap) -- Industry Minister Kim Jung-kwan reported on Thursday that Seoul and Washington have made significant progress in talks regarding South Korea's strategic investment projects in the United States. The talks, which took place in the wake of the National Assembly's March approval of the Special Act on Korea-U.S. Strategic Investment Management, are set to culminate in a virtual meeting next month, with the final agreement expected to be announced in September.

Kim, who held two-day meetings with U.S. Commerce Secretary Howard Lutnick and other officials, affirmed that meaningful progress had been achieved during these discussions. He stated that a wide range of issues had been resolved, though he noted that Lutnick had not mentioned the semiconductor industry during the meetings. Instead, the conversations centered on the energy sector.

In addition to his meetings with Lutnick, Kim also spoke with U.S. Trade Representative Jamieson Greer, reaffirming a 15 percent cap on tariffs. While previous negotiations had been largely guided by South Korea's former chief trade negotiator, Yeo Han-koo, Kim assumed this role after Yeo's dismissal last week.