00:00The United States and South Korea are moving toward a non-binding agreement to define how
00:06US$350 billion in investment funds from a trade deal will operate.
00:12Seoul agreed last month to cut US tariffs in exchange for pledging the investments,
00:17though differences emerged over how profits and other details would be handled.
00:24Speaking in Washington during the summit between President Donald Trump and South Korean
00:29President Lee Jae-myung, presidential advisor Kim Young-bom said both sides were making progress
00:35on broad terms. Kim added that the US hopes to formalize a memorandum of understanding to
00:40oversee the investment plan as soon as possible. South Korean businesses are expected to support
00:46strategic industries including batteries, chips, pharmaceuticals and artificial intelligence.
00:52He noted that equity investments would be limited with most funds distributed through loans and
00:57guarantees. The deal comes amid earlier disputes over profit sharing after US suggested they
01:03would take 90% of returns.
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