Seoul (South Korea), February 12: South Korea and the United States are getting close to a new defense cost-sharing agreement for American troops here, CNN reported showed Friday, as they seek to bolster their alliance and defense posture.
The two sides may be "just weeks away" from signing a deal, CNN said, citing five sources familiar with the matter.
The U.S. news outlet reported that the deal is likely to be "a multi-year agreement that increases Seoul's contribution to cover the presence of U.S. troops at around the 13 percent increase South Korea had suggested in 2020."
It added the final agreement could include "mandated increases in South Korea's defense budget" and Seoul making certain military equipment purchases.
Since September 2019, South Korea and the U.S. have engaged in grueling negotiations to reach the defense cost-sharing deal, called the Special Measures Agreement (SMA), for stationing the 28,500-strong U.S. Forces Korea (USFK).
Seoul and Washington's latest negotiations came on Feb. 5, which was the first such meeting since the launch of the Joe Biden administration in the U.S.
The last one-year agreement, which called for Seoul to pay about US USD870 million, already expired at the end of 2019.
Source: Yonhap