Trump, Moon sign revised trade agreement

South Korean President Moon Jae-in and United States President Donald Trump signed the revised bilateral Free Trade Agreement (FTA), which cements a conclusion in the trade negotiations between the two countries.

The leaders, who met on the sidelines of the ongoing 73rd session of the United Nations General Assembly (UNGA) also vowed to ensure that the revised agreement is implemented at the earliest, Yonhap News Agency reported.

"We welcome the successful conclusion of negotiations between our governments that have resulted in amendments and modifications to improve the Korea-United States Free Trade Agreement," the leaders said in a joint statement issued at the end of their bilateral summit held in New York.

"With today's signing of our newly concluded agreement, we pledge to direct our officials to move forward with additional steps, as required in our respective countries, to bring the updated agreement into force as soon as practicable," they added.

As part of the agreement, the US will extend a 25 per cent tariff on imports of South Korean pickup trucks by 20 years to 2041, while Seoul will double the number of cars to 50,000.

The changes came a week after a request for the same put forth by the US was approved by the South Korean Cabinet.

"We furthermore welcome this achievement as tangible evidence of the strength of the relationship between our two countries," the leaders added.

Earlier, Moon had said that Trump was keen on holding a second summit with North Korean leader Kim Jong-un to facilitate timely completion of denuclearisation of the Korean Peninsula.