South Korea's trade minister says Seoul and Washington have effectively reached a common ground on revising the free trade agreement(FTA) and steel tariff issues.

After arriving at Incheon International Airport on Sunday, Trade Minister Kim Hyun-chong told reporters that South Korea managed to prevent the further opening of the domestic agricultural goods market. 

On the controversial steel tariff issue, he said that the two sides reached an agreement in principle, noting Korean steelmakers will be able to sell their products in the U.S..

Kim also said there has been no retreat in regards to the existing tariff concession made so far will not be affected. 

He added, however, there are some "technical matters" that need to be cleared up by working level officials. 

Kim had been engaged in negotiations with his counterparts in Washington.