The document will enter into force after its ratification by the National Assembly of the Republic of Korea.
The Republic of Korea and the United States initialed on Thursday a new, 11th agreement on special measures, which determines the share of the parties ‘ expenses for maintaining American troops in the south of the Korean Peninsula. The document was signed by the head of the South Korean delegation to the negotiations on the preparation of the agreement, Jong-Un Bo, and the US Charge d’affaires in South Korea, Robert Rapson.
The ceremony was attended by the Minister of Foreign Affairs of the Republic of Korea, Chung Eui-yong, the Minister of Defense Suh Wook, the US Secretary of State Antony Blinken, and the head of the Pentagon, Lloyd Austin.
Seoul and Washington agreed on March 7 to increase South Korea’s share of total defense spending by 13.9% compared to the previous agreement. From 2022, the South Korean share of spending will increase annually in proportion to the defense budget growth for the previous year. Thus, this indicator will grow by 5.4% next year. The Agreement will enter into force after its ratification by the National Assembly (Parliament) of the Republic of Korea.
Negotiations on the preparation of a new agreement began in September 2019. At the end of March 2020, the parties reached a preliminary agreement to increase the South Korean share by 13%. However, a final agreement was not reached due to the position of the then US President Donald Trump.