South Korea and the United States have reached a preliminary understanding on a new security arrangement as part of wider negotiations that also include trade and tariffs, Foreign Minister Cho Hyun said in an interview published Thursday by Yonhap news agency.
Cho said the two allies were working toward announcing the security agreement before the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, later this month, which U.S. President Donald Trump is expected to attend.
“In the security field, an agreement has already been reached in general, which allows us to increase our national defence capabilities in necessary areas,” Cho said, adding that Seoul was also in talks with Washington over expanded rights to process nuclear fuel for industrial use, a capability restricted under the current bilateral accord.
The agreement forms part of a broader package aimed at reducing U.S. tariffs on South Korean exports. Washington has offered tariff relief in exchange for a $350 billion South Korean investment package, but negotiations over its structure have stalled.
While Japan finalized its package last month, Cho signaled that Seoul may need more time to conclude its deal.
Seoul has also pushed for a currency swap arrangement with Washington as part of the negotiations, though Cho admitted U.S. officials were not optimistic about such a deal.
Meanwhile, South Korean President Lee Jae Myung on Wednesday announced an 8.2% increase in the country’s defence budget for next year, underscoring Seoul’s push for stronger self-reliance in line with Trump’s repeated calls for U.S. allies to shoulder more of their own defence costs.
On regional security, Cho did not rule out the possibility of Trump meeting North Korean leader Kim Jong Un, after media speculation suggested such talks could take place during the APEC summit.
Last month, Kim said he was open to dialogue if Washington abandoned demands that Pyongyang give up its nuclear arsenal.
Source: Reuters
Written By Rodney Mbua
