Minister for Trade Yeo Han-koo and Industry Minister Kim Jung-kwan, who have travelled to Washington this week, have been meeting with US officials as scheduled, the South Korean government said.
Yeo will hold a meeting with US Trade Representative Jamieson Greer, the industry ministry said.
Pressure on South Korea heightened this week after Japan clinched a deal with the US, which Trump said would see Tokyo allowing greater market access for American products including autos and some agricultural products.
The two major Asian security allies of the US compete in areas such as autos and steel, and Japan’s deal was seen by investors as a benchmark for the type of agreement Seoul should try to squeeze out in negotiations, analysts have said.
The involvement of a range of ministerial-level officials from Seoul in broad discussions with US officials in recent days suggested the two sides were at work on a trade package that could potentially involve a range of sectors, including South Korea’s sensitive farm markets.
South Korean officials have said access to US markets is key to industrial cooperation between the allies that would help rebuild American manufacturing industries.
Finance ministry officials in Seoul declined to comment on media reports that Washington is asking South Korea to set up a large-scale investment fund in the US to support the reconstruction of its manufacturing industry.
South Korea has been reviewing the feasibility of joining a US$44 billion gas pipeline project in Alaska floated by Trump.
