Seoul: South Korea announced that it may finalize a deal with the United States on key security concerns ahead of the upcoming Asia-Pacific Economic Cooperation (APEC) summit. The potential agreement would focus on increased defense cost sharing and the relaxation of restrictions on spent nuclear fuel processing.

According to Anadolu Agency, Foreign Minister Cho Hyun stated that President Lee Jae Myung's administration has been working towards an agreement with the Trump administration. This would link tariff negotiations with security issues, including US demands for increased defense cost sharing. In August, President Lee met with President Donald Trump in Washington to discuss these matters, yet no formal written agreement has been finalized.

Cho mentioned that a broad consensus on security has been nearly reached. While a comprehensive package deal is preferable, South Korea is prepared to conclude individual agreements through consultations with the US if necessary. The aim is to achieve a breakthrough by the APEC summit, scheduled for October 31 to November 1 in Gyeongju, South Korea, where Lee and Trump are expected to meet again.

The potential deal may involve a hike in South Korea's defense contributions and easing of restrictions on nuclear fuel reprocessing and uranium enrichment. The precise rate of increase remains undisclosed, as it will vary based on the specifics of the agreement.

The Trump administration has been advocating for allies to elevate their defense spending to 3.5% of their GDP. Cho confirmed that a broad agreement on reprocessing and enrichment in South Korea has been reached, though negotiations continue to be challenging.

Furthermore, Cho mentioned the possibility of a meeting between Trump and North Korean leader Kim Jong Un during the APEC summit. If such a meeting occurs, South Korea intends to provide full support, hoping it could pave the way for reduced tensions on the Korean Peninsula and promote peace.