Special Agreement on Korea-US Defense Cost-Sharing Takes Effect... Government States "Will Contribute to Strengthening the Korea-US Alliance"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The government announced that the 11th Special Measures Agreement (SMA) on Defense Cost-Sharing between Korea and the United States came into effect on the 1st.

The Ministry of Foreign Affairs stated, "After obtaining ratification consent at the first plenary session of the National Assembly on the 31st of last month, both Korea and the U.S. mutually notified that the necessary domestic procedures for the agreement's enforcement have been completed," adding, "The implementation agreement of the SMA also came into effect simultaneously."

Earlier, the National Assembly passed the ratification consent bill for the SMA in the plenary session, setting this year's defense cost-sharing amount at 1.1833 trillion won, a 13.9% increase, and stipulating that the defense cost-sharing amount will be raised annually in line with the increase rate of the national defense budget.

The Ministry of Foreign Affairs evaluated, "The 11th Special Measures Agreement on Defense Cost-Sharing will provide stable conditions for the stationing of U.S. Forces Korea and will greatly contribute to strengthening the Korea-U.S. alliance."

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