Korea-U.S. defense cost sharing pact submitted for Assembly approval

By Korea Herald
  • Published : Feb 7, 2014 - 20:24
  • Updated : Feb 7, 2014 - 20:24
A new defense cost sharing pact signed between South Korea and the United States last month was submitted to the parliament here on Friday for approval, the Foreign Ministry said.

Before the submission, Foreign Minister Yun Byung-se and U.S. Ambassador to South Korea Sung Kim signed the renewal of the Special Measure Agreement, aimed at jointly footing the cost of stationing the 28,500 United States Forces Korea troops, last Sunday.

The SMA, signed after months of tough negotiations, was the ninth one between the two allies.

Under the new five-year pact, South Korea will pay 920 billion won ($855.7 million) this year, which represents a 5.8 percent increase from what it paid last year under the previous SMA.

Seoul’s contribution will grow every year in accordance with the inflation rate, capped in the contract at 4 percent. (Yonhap)