CNN "Hanmi Defense Cost-Sharing Agreement Nears Completion... 13% Increase Likely"

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] South Korea and the United States are reported to be close to reaching an agreement on the issue of defense cost-sharing for the US Forces Korea, according to the US CNN broadcast on the 11th (local time).

CNN reported, citing two sources, that the two countries are likely to agree on a plan to increase South Korea's defense cost-sharing by 13% compared to the previous amount.

An official stated that the final agreement may include a mandatory increase in South Korea's defense budget and mutual understanding that South Korea will purchase some military equipment.

Sources predicted that the final agreement could be reached within a few weeks.

CNN evaluated, "Reaching an agreement on cost-sharing negotiations is expected to strengthen the alliance between the two countries," adding, "This aligns with the Biden administration's goal of restoring 'normal order' by engaging the alliance and rebuilding relations through official and responsible institutions."

On the 5th (Korean time), both South Korea and the US held the 8th meeting via video conference to conclude the 11th Special Measures Agreement (SMA) on defense cost-sharing. This was the first negotiation under the Biden administration. This negotiation, which determines South Korea's defense cost-sharing responsibilities since 2020, was held 11 months after the 7th meeting in Los Angeles, US, last March.

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