South Korea's Race Against Time: Securing a Trade Deal with the U.S.

South Korea is intensifying its efforts to seal a trade agreement with the United States following domestic political changes that have hindered tariff discussions. Seoul's top negotiator revealed these plans on Tuesday, marking a significant policy shift under newly elected President Lee Jae Myung.

Minister for Trade Yeo Han-koo indicated that developmental sluggishness was due to various uncertainties and intense global tariff discussions. Now, with a task force in place, the new administration aims to tackle the challenges by preparing a comprehensive negotiation package to benefit both nations.

The urgency of these negotiations has been compounded by geopolitical factors, such as the Israel-Iran conflict, which affected diplomatic meetings. Despite these challenges, South Korean authorities are keen to prevent the nation's businesses from being at a tariff disadvantage compared to other global competitors.

(With inputs from agencies.)