Seoul

South Korea and the United States have completed most of the paperwork for a new security and alliance deal, while discussions on a trade agreement are still in progress, National Security Advisor Wi Sung-lac said in a TV interview. The ongoing talks focus on Seoul’s USD 350 billion investment plan in the US and Washington’s proposal to reduce tariffs on South Korean goods from 25% to 15%. Alongside the trade talks, both sides are working on a separate defence pact that includes South Korea’s plan to increase military spending and adjust the role of US troops in the country.

Wi stated that the security agreement is nearly finalised, but several issues remain unresolved in the trade deal, such as investment schedules and profit distribution methods. He did not confirm whether the two nations would conclude the deal during this week’s Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju.

He also noted that South Korea’s decision to boost defence spending encouraged Washington to consider revising the 2015 “123 Agreement” on nuclear cooperation, which currently bars Seoul from reprocessing spent fuel or enriching uranium without US approval.

Wi further mentioned that President Lee Jae Myung will meet Chinese President Xi Jinping on Saturday to strengthen ties and discuss denuclearisation efforts. He urged Koreans to refrain from anti-China protests during Xi’s visit. President Lee is also expected to hold his first meeting with Japan’s new Prime Minister Sanae Takaichi to enhance relations between Seoul and Tokyo.