New Trade Chief Vows to Secure "Correct Results" in U.S. Investment Talks

Park Jeong-won officially assumed his role as South Korea's Deputy Minister for Trade Negotiations on April 24th, vowing to make "managing trade risks with the U.S." his top priority. Speaking at his inauguration ceremony at the Government Complex Sejong, Park outlined his strategy to lead trade negotiations by focusing on the nation's "irreplaceable industries."

Park highlighted the ongoing restructuring of the global trade order, spurred by U.S. tariff policies and a push for domestic production in strategic industries. He noted that these shifts, coupled with efforts by other middle powers, signal a significant realignment of international trade. He described the $200 billion U.S. investment, a key outcome of the Korea-U.S. tariff negotiations, as both a major challenge and opportunity for bilateral relations. Park believes this investment can forge a new framework for bilateral cooperation, comparable to the Korea-U.S. Free Trade Agreement (FTA), and reshape how Koreans view the relationship with the U.S.

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We must do our utmost to achieve correct results in the strategic investment consultations.

Central to Park's approach is ensuring "correct results" in the strategic investment talks. The South Korean government is insisting on "commercial rationality" as a core principle, ensuring the recovery of investment principal and interest. This stance is reportedly creating friction with the U.S., which is pressuring for swift investment, citing trade law Section 301 and threatening additional tariffs on excess production. Park's emphasis on "correct results" suggests a firm commitment to upholding commercial rationality rather than simply yielding to U.S. demands.

Furthermore, Park identified semiconductors, nuclear power, and shipbuilding as "irreplaceable industries and technologies." He asserted that South Korea has moved beyond passively conforming to global trade rules and is now in a position to actively shape the new trade order. He stressed the need to proactively identify and lead trade negotiation agendas. Park, a seasoned trade official with nearly 30 years of experience, previously served as Deputy Minister for Trade and Minister for Trade and Investment, and was directly involved in the practical aspects of the U.S. tariff and investment negotiations.

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In the past, we had no choice but to conform to the world's trade order, but now we are in a position to confidently voice our opinions in shaping the new trade order as a participant with a stake.