South Korean Foreign Minister Cho Hyun announced on Wednesday (October 1st) that South Korea and the United States have reached a preliminary agreement on security cooperation. They are aiming to officially announce the agreement before the Asia-Pacific Economic Cooperation (APEC) Leaders’ Informal Meeting in Gyeongju at the end of this month.
Cho Hyun pointed out in an interview with the South Korean news agency that recent simultaneous tariff and security negotiations with the U.S. have hit a snag due to differences in details of the $350 billion investment plan. To prevent bilateral cooperation from being hindered, Seoul has decided to advance the security agreement first to ensure that defense cooperation is not constrained by economic and trade issues.
The agreement may include South Korea increasing defense spending, procuring weapon systems manufactured in the U.S., and amending the Korea-U.S. Atomic Energy Agreement to seek greater autonomy in the nuclear fuel processing field.
On the economic and trade front, the U.S. had agreed to lower tariffs on some South Korean goods in exchange for significant Korean investments. However, the investment framework and implementation plan have yet to be finalized. Regarding the proposed currency swap agreement between South Korea and the U.S., Cho Hyun admitted that the U.S. is evaluating the scope and limits of the agreement, but the current situation is “not optimistic.”
U.S. President Donald Trump has repeatedly emphasized that South Korea should bear more defense costs. Meanwhile, South Korean President Lee Jae-myung announced that the defense budget for 2026 will increase by 8.2% to enhance self-defense capabilities. Cho Hyun emphasized that the framework of the security agreement has been basically established, which will help strengthen the necessary defense capabilities.
There is also speculation about whether Trump may meet with North Korean leader Kim Jong-un during his visit to South Korea. In response, Cho Hyun did not rule out the possibility, stating that South Korea is closely monitoring developments.
According to North Korean state media, Kim Jong-un expressed last month that if Washington stops demanding North Korea’s unilateral denuclearization, he is willing to restart dialogue. During his visit to the U.S., Lee Jae-myung also suggested to Trump to restart communication with Pyongyang to expand the scope for dialogue.