Gu Yoon-chul, Kim Yong-beom, and Yeo Han-gu are engaging in intense negotiations. They visited the White House OMB to discuss ROK-U.S. shipbuilding cooperation and specific projects under ‘MASGA.’ Korean government ministers visited the U.S. on the 16th (local time) for final negotiations as the follow-up talks on Korea-U.S. customs and trade negotiations were swiftly progressing.
There is particular attention on whether the deadlock in negotiations over the past two months, concerning the composition of a $350 billion investment package from Korea to the U.S., can be resolved. Minister Jin Kwang Kim of the Ministry of Trade, Industry, and Energy met with U.S. Commerce Secretary Howard Lutnick at the Department of Commerce in Washington, D.C.
The meeting came as both sides are finding common ground on the $350 billion investment package, which has been a major point of contention. Kim Yong-beom, who arrived in the U.S. with Minister Kim, told reporters that this is the most earnest and constructive period of negotiation, and that they are doing their utmost to conclude the talks in a way that benefits national interests.
After the meeting, Minister Kim told Yonhap News Agency that they are having various constructive discussions about ‘MASGA.’ MASGA refers to a U.S.-ROK shipbuilding cooperation initiative, suggested by Korea during their trade talks with the U.S. in July.
‘MASGA’ combines the words ‘MAGAA’ (Make America Great Again), a slogan and symbol of strong support for former President Trump, with ‘shipbuilding,’ reflecting Korea’s world-class competitiveness in shipbuilding. In light of the decline of shipbuilding in the U.S. amid global rivalry with China, MASGA is viewed as beneficial for the negotiation conclusion between the two countries.
When asked whether they discussed China’s recent sanctions on five U.S. subsidiaries of Hanwha Ocean, a representative company of MASGA, Minister Kim said that while those specific issues were not addressed, they talked about projects related to MASGA.