In a press briefing, presidential spokesperson Kang Yu-jung said Park is "the right person to maximize the national interest while maintaining continuity in negotiations amid urgent trade issues with the U.S."
Park's appointment comes about a week after his predecessor was sacked for unknown reasons, as Seoul faces mounting pressure from Washington to accelerate its US$350 billion investment commitment in the U.S., the threat of additional U.S. tariffs and a growing dispute over the treatment of U.S.-listed e-commerce giant Coupang.
Park, who had been serving as deputy minister for trade at the Ministry of Trade, Industry and Resources, replaces Yeo Han-koo, who was abruptly dismissed last Saturday. Park is a longtime bureaucrat who most recently handled trade policy, supply chains and economic security as deputy minister for trade.
He previously headed the ministry's trade and investment office and has been directly involved in recent negotiations with major trading partners, including the U.S. and the European Union.
One of Park's most immediate tasks will be negotiations over Seoul's investment commitments under last year's broader trade deal with Washington. South Korea pledged to invest $350 billion in the U.S. as part of an agreement that lowered U.S. tariffs on South Korean goods to 15 percent, but the two sides have yet to settle the details of the first projects under a $200 billion strategic investment program. U.S. officials have pressed Seoul to move more quickly.
Park will also have to navigate growing friction over Coupang. U.S. investors have filed a petition with the Office of the U.S. Trade Representative seeking action under Section 301 of the Trade Act, alleging that South Korean authorities have discriminated against the U.S.-listed company. The issue has increasingly become a key bilateral trade concern, alongside U.S. investigations into alleged overcapacity in South Korean manufacturing.
Meanwhile, the reason for the dismissal of Yeo, Park's predecessor, who had overseen key negotiations with the U.S. including the tariff agreement and follow-up talks, still remains unknown, but officials have said it was unrelated to the Korea-U.S. tariff negotiations but rather personal matters.
Copyright ⓒ Aju Press All rights reserved.