Latest news with #Yeo
Yahoo
4 hours ago
- Business
- Yahoo
South Korea Calls For ‘Mutually Beneficial' Trade Deal With US
(Bloomberg) -- South Korea called for a 'mutually beneficial' agreement on trade with the US during its new trade minister's first trip to Washington this week. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown Yeo Han-koo held talks that concluded Friday with US Commerce Secretary Howard Lutnick, Trade Representative Jamieson Greer and Interior Secretary Doug Burgum, as well as several lawmakers in Washington, ahead of the July 9 deadline to reinstate higher tariffs paused in April. Yeo introduced new South Korean President Lee Jae Myung's policy and reaffirmed his commitment to reaching a deal for both sides, according to the ministry in a statement released Saturday. 'The ongoing negotiations are not merely for tariffs but also an opportunity to establish a new framework for future cooperation,' Yeo said in the statement. 'We will fiercely engage in the discussions to ensure the two countries' momentum for cooperation won't be undercut by the tariffs, and to turn the current crisis into an opportunity.' South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries. If the 25% across-the-board levies are implemented, that would further undermine an economy that is already facing slowing domestic consumption. The central bank last month slashed its 2025 GDP growth forecast to 0.8% from 1.5%. Yeo also conveyed industry concerns about recent developments in US export control policy, as Washington tightens restrictions on technology transfers to competitors such as China. Lutnick, speaking on Bloomberg Television, said Washington is working to finalize more trade deals with 10 other countries in the coming two weeks in line with the July 9 deadline, though he did not specify which nations. He also said Trump could extend the deadline to facilitate talks, and that negotiating partners will get a 'response.' A senior South Korean official, speaking to reporters in Washington, said Seoul has not yet been informed of any extension and is not in a situation to 'feel assured,' according to Yonhap News. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Apple Test-Drives Big-Screen Movie Strategy With F1 ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Barnama
12 hours ago
- Politics
- Barnama
South Korea Praises Malaysia's ASEAN Chair Role In Myanmar Crisis
KUALA LUMPUR, June 27 — South Korea's Ambassador to Malaysia, Yeo Seung Bae, speaks to Bernama in an exclusive interview at the Korean Embassy, highlighting the success of the recently concluded 12-day K-Culture Festival held from June 11 to 22. Organised in collaboration with the Ministry of Tourism, Arts and Culture (MOTAC) and various Korean government agencies, the event exceeds expectations, drawing over 35,000 visitors of all ages and backgrounds — a testament, Yeo says, to South Korea's growing cultural appeal among Malaysians. -- fotoBERNAMA (2025) COPYRIGHT RESERVED By Nur Atiq Maisarah Suhaimi & Nur Elysa Amirah Suhaimi KUALA LUMPUR, June 28 (Bernama) -- South Korea has praised Malaysia's active leadership as Chair of the Association of Southeast Asian Nations (ASEAN), highlighting its constructive role in promoting regional peace and stability. South Korea's Ambassador to Malaysia Yeo Seung Bae said that as ASEAN organises for peace and stability in Southeast Asia, Malaysia as the chair plays an important and active role, especially in addressing the ongoing crisis in Myanmar. bootstrap slideshow 'Prime Minister Datuk Seri Anwar Ibrahim visited Bangkok a couple of months ago and met both the military leadership and the opposition leadership. 'By doing this important role as Chair, Malaysia is making a positive contribution to regional peace and stability. 'In that regard, Korea highly appreciates the role of Malaysia, and our government will continue to support Malaysia's active role as the ASEAN Chair,' he told Bernama in an interview recently. In May 2025, Anwar initiated separate dialogues with Myanmar's junta leader Min Aung Hlaing and the opposition National Unity Government (NUG), marking a significant step towards fostering direct engagement between the conflicting parties. Subsequently, Foreign Minister Datuk Seri Mohamad Hasan said the ASEAN Foreign Ministers' Meeting (AMM 2025) held in May also agreed that ASEAN would undertake internal consultations on the proposal to appoint a permanent ASEAN Special Envoy on Myanmar for a three-year term, a move aimed at ensuring continuity and sustained engagement in addressing the protracted crisis. On June 22, Malaysia called for enhanced collaboration between ASEAN and the Organisation of Islamic Cooperation (OIC) to address the deteriorating situation in Myanmar, with a focus on ending violence, alleviating the humanitarian crisis, and supporting long-term peace in the country.
Korea Herald
14 hours ago
- Business
- Korea Herald
Seoul official notes uncertainty over whether Trump tariff pause will be extended for S. Korea
WASHINGTON -- A senior Seoul official said Friday that it is still uncertain whether US President Donald Trump's pause on "reciprocal" tariffs on South Korea will be extended next month, as the Asian country has highlighted its commitment to "good-faith" trade talks with the United States. The official made the remarks although the Trump administration has signaled an openness to extending the pause on the new tariffs, which is slated to end on July 8. The tariffs, including 25 percent duties on South Korea, took effect on April 9, but Trump suspended them until July 8 to allow for negotiations. "I don't think we are now in a situation where we can feel assured. It is still not certain as to the degree of possibility that the Trump administration will extend the pause for all countries and continue negotiations when the July 8 deadline comes," the official told reporters in Washington. "Some countries could perhaps reach a deal (with the United States). The pause could be extended for some others, while others could face higher tariffs with the pause not extended for them. So it seems that various possibilities remain open," he added. Earlier in the day, Trump said that he would like to make the pause "shorter," though he still reiterated the possibility of its extension. The official anticipated that the pause could be extended for countries that Washington thinks have demonstrated "good faith" in trade talks, while those that are deemed to have shown a lack of good faith could face some form of penalty. "It is true that there has not been much progress in the trade talks (between Korea and the US) due to the domestic political environment, compared with other countries," he said. "There is still time left -- though it's less than two weeks (until July 8) -- and I understand that President Trump will make the final decision." He was referring to a period of political turmoil in Seoul, which was caused in the aftermath of ousted former President Yoon Suk Yeol's short-lived martial law declaration in December. Less than two weeks into office, Seoul's Trade Minister Yeo Han-koo visited Washington this week and held talks with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer to discuss tariffs and other related issues. Also this week, the South Korean working-level delegation, led by Deputy Minister for International Trade and Investment Park Jung-sung, had the third round of "technical discussions" with the US on tariffs and other topics. During a press briefing held earlier in the day in Washington, Yeo vowed to make utmost efforts to reach a "mutually beneficial" trade agreement with the US. "During my stay here, I have demonstrated South Korea's good faith and intention to make a mutually beneficial deal through South Korea-US trade talks," Yeo said, noting that he had more than 30 meetings with U.S. government, congressional and other officials in the US capital this week. During the talks with US officials, Yeo stressed trade talks should deal with all reciprocal and sectoral tariffs, including those that the Trump administration is considering rolling out in the future. Seoul has been seeking exemptions from reciprocal tariffs and new duties on steel, aluminum and automobiles. The minister cast the ongoing trade talks as an opportunity for Seoul and Washington to build a new framework for strategic cooperation in various areas, including artificial intelligence, semiconductor, shipbuilding, electric vehicles and nuclear energy. (Yonhap)
New Straits Times
a day ago
- Business
- New Straits Times
South Korea-Malaysia FTA to deepen ties
KUALA LUMPUR: South Korean Ambassador to Malaysia, Yeo Seung Bae, expressed Seoul's strong commitment to concluding a free trade agreement (FTA) with Malaysia, saying the partnership is poised to become stronger and more comprehensive. Yeo said both leaders have reaffirmed their intention to strengthen mutually beneficial cooperation across a wide range of sectors, including trade, investment, green growth, infrastructure, digital transformation, and the defence industry. "Having held more than nine rounds of negotiations, we have now entered the final phase. "So I expect when the two leaders meet, likely on the occasion of the ASEAN summit in late October, FTA negotiations will be finalised, which would be very good news for both peoples," he told Bernama. He said the Korea–Malaysia FTA is not merely a conventional trade and investment agreement, but a comprehensive one that also covers digital transition, the digital economy, the green economy, and the bio-economy. "These are so-called future industry, high-value, high-tech industry. So through this bilateral free trade agreement, not only Korean businesses or Korean people, but also Malaysian people and Malaysian people's businesses, farmers and even fishers will get some benefit. "Because the contents of FTA are not revealed publicly yet, so I cannot say more details about that, but what can I say, yes, we have a very promising future for both countries in terms of industry and business cooperation," he added. On June 23, Malaysian Prime Minister Anwar Ibrahim and South Korean President Lee Jae Myung agreed to expand bilateral cooperation in a substantive and mutually beneficial manner, including efforts to conclude the FTA. The understanding was reached during their first phone conversation, in which Anwar also extended his congratulations to Lee on his inauguration as South Korea's president. Yeo said under President Lee's new administration, which took office on June 4, South Korea is expected to pursue pragmatic diplomacy aimed at fostering peace and co-prosperity. "It is a bit early to say in detail because Korea's new government has been in office only three weeks, but the new President (President Lee) during the presidential election had made clear that the new government is expected to pursue pragmatic diplomacy and strengthen partnership with ASEAN. "This year is a special year for Korea and Malaysia. Malaysia chairs the ASEAN summit, and Korea will host the Asia-Pacific Economic Cooperation (APEC) summit meeting, so we expect to see frequent high-level engagement, including leaders' meetings," he added. South Korea is Malaysia's eighth-largest trading partner, with bilateral trade exceeding US$20 billion (US$1 = RM4.29) for three consecutive years.
The Sun
a day ago
- Business
- The Sun
South Korea-Malaysia FTA to boost trade and green economy ties
KUALA LUMPUR: South Korea's Ambassador to Malaysia, Yeo Seung Bae,, has reaffirmed Seoul's commitment to finalising a free trade agreement (FTA) with Malaysia, calling it a key step in deepening economic and strategic ties. Speaking to Bernama, Yeo highlighted that the FTA goes beyond traditional trade, incorporating digital transformation, green economy initiatives, and bio-economy cooperation. 'This is not just a conventional trade deal but a forward-looking partnership,' he said. Negotiations have progressed significantly, with nine rounds completed. Yeo expects the deal to be finalised during the ASEAN summit in October, marking a milestone in bilateral relations. 'Both nations stand to gain, from businesses to farmers and fishers,' he added, though specifics remain confidential. The push for the FTA follows a recent phone conversation between Malaysian Prime Minister Anwar Ibrahim and South Korean President Lee Jae Myung, where both leaders agreed to expand cooperation. Yeo noted that under President Lee's new administration, South Korea is prioritising pragmatic diplomacy, particularly with ASEAN. 'This year is significant—Malaysia chairs ASEAN, while Korea hosts APEC. Expect more high-level engagements,' he said. South Korea is Malaysia's eighth-largest trading partner, with bilateral trade surpassing US$20 billion annually since 2020.
