WASHINGTON -- Trade negotiations between Korea and the United States are at a fast-paced coordination stage, Seoul's finance minister said Wednesday, as the two countries are hashing out details of Korea's $350 billion investment commitment under a bilateral trade deal struck in July.

Finance Minister Koo Yun-cheol made the remarks upon arrival in the U.S., hours after U.S. Treasury Secretary Scott Bessent said that Washington is "about to finish up with Korea," in reference to the ongoing trade talks with the Asian country.

Seoul and Washington announced a framework trade deal in July, but the two sides have been ironing out details of the deal, including how to fund Korea's investment package for the U.S. and how to share profits from it, among other issues.

"(The two countries) are at a stage, in which we are continuously coordinating at a fast pace," Koo told reporters upon arrival at an airport near Washington, responding to a question about whether the two countries are in a final coordination stage.

"I believe that we have to respond, using various methods in an all-out effort," he added.

Asked to comment on Bessent's remarks on the negotiations, Koo said he needs to check them when he meets the secretary.

Regarding a question about whether the U.S. still sticks to its demand for Korea's direct cash investments under the July trade deal, Koo said that Seoul has explained its position to the U.S. side.

"(They) understand (Seoul's position) as we have told Treasury Secretary Bessent and Commerce Secretary (Howard) Lutnick (about it)," he said.

The minister also pointed out that the U.S. understands Korea's foreign exchange market, as Seoul has demanded financial safeguards, such as a currency swap arrangement, in the trade talks with the U.S. out of concern that Korea's massive direct cash investment could trigger a crisis akin to the Asian financial meltdown in the late 1990s.

"Thus, I think that the U.S. may, perhaps, accept what we have proposed," Koo said. He did not elaborate on the proposal.

Asked if there is a negotiation deadline for Korea, he said that an early conclusion that serves Korea's national interests will be the best.

Koo arrived in the U.S. capital to attend meetings of the Group of 20 finance ministers and the annual gatherings of the International Monetary Fund and World Bank this week.

Korea-US trade talks at fast-paced coordination stage: Seoul's finance minister - The Korea Times