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S. Korea, U.S. reach deal on defense cost share

2014/01/12 10:00

SEOUL, Jan. 12 (Yonhap) -- South Korea and the United States have reached a deal on the amount of financial contributions Seoul will make in the coming five years to keep American troops on its soil, the foreign ministry said Sunday.

South Korea is allegedly set to give some 930 billion won (US$875 million) to the U.S. this year under the Special Measure Agreement, which determines Seoul's share of the cost of stationing U.S. soldiers in the country.

The figure represents a 6.9 percent increase from the last agreement under which South Korea contributed 869.5 billion won to the defense cost.

The ministry is set to make an official announcement on the deal at 10:30 a.m.

The five-year agreement, reached after 10 rounds of talks since last July last year, is subject to parliamentary approval. The previous deal rewritten in 2009 expired at the end of last year.

Currently, about 28,500 American troops are stationed in South Korea, a legacy of the 1950-53 Korean War.