South Korea says it may reach deal with US on key security issues ahead of APEC summit

South Korea said Thursday that it may reach a deal with the US on key security issues ahead of an Asia-Pacific Economic Cooperation (APEC) summit late this month, which would include higher defense cost sharing and an easing of restrictions on spent nuclear fuel processing.

Foreign Minister Cho Hyun said the government of President Lee Jae Myung has been seeking to seal a deal with the Trump administration, linking tariff negotiations with security issues, including US demands for higher defense cost sharing, Yonhap News Agency reported.

In late August, Lee held talks with President Donald Trump in Washington to discuss the issues, but no formal written agreement has been issued yet.

"A broad agreement has already been reached on the security front...It would be best to reach a package deal, but even if that fails, (South Korea) plans to seek to seal and announce agreements one by one through consultations with the US," Cho was quoted as saying.

He said the government is trying to make a breakthrough by the APEC summit, which is scheduled to be held from Oct. 31-Nov. 1 in South Korea's Gyeongju city.

Lee and Trump are expected to hold another summit on the sidelines of the APEC gathering.

Cho suggested that the deal may include an increase in South Korea's defense cost sharing and an easing of restrictions on spent nuclear fuel reprocessing and uranium enrichment in South Korea.

He did not disclose the exact rate of increase, however, saying "it will differ depending on what it includes and how."

The Trump administration has been asking allies to raise their defense spending to 3.5% of their GDP.

Cho also confirmed that Seoul and Washington have reached a broad deal allowing reprocessing and enrichment in South Korea, although "uneasy" negotiations still linger.

He said he cannot rule out the possibility of Trump meeting North Korean leader Kim Jong Un during the US president's APEC summit trip.

"If that happens, we will assist them fully. I hope it could open a path toward easing tensions on the Korean Peninsula and building peace," he said.