The new deal must still be approved by South Korea's parliament, but it would boost its contribution to 1.03 trillion won ($890 million) from 960 billion won in 2018. Unlike past agreements, which lasted for five years, this one is scheduled to expire in a year, potentially forcing both sides back to the bargaining table within months. "It has been a very long process, but ultimately a very successful process," South Korean Foreign Minister Kyung-wha said at a meeting before another official from the foreign ministry initialled the agreement.
The new deal must still be approved by South Korea's parliament, but it would boost its contribution to 1.03 trillion won ($890 million) from 960 billion won in 2018. Unlike past agreements, which lasted for five years, this one is scheduled to expire in a year, potentially forcing both sides back to the bargaining table within months. "It has been a very long process, but ultimately a very successful process," South Korean Foreign Minister Kyung-wha said at a meeting before another official from the foreign ministry initialled the agreement.