South Korea and the U.S. have issued a joint statement to announce their agreement on the revision of their free trade agreement(FTA).

South Korea's Trade Minister Kim Hyun-chong and U.S. Trade Representative Robert Lighthizer issued the joint statement on Wednesday. 

The officials said that they are pleased to announce that the two nations have reached agreement in principle on the revision of the trade deal.

The statement said that the two sides have also agreed on terms for a country exemption for South Korea from the tariff imposed on steel imports under Section 232 of the Trade Expansion Act of 1962. 

It also said that both countries are finalizing the terms of the Korea-U.S. FTA negotiations, which are subject to domestic procedures in both nations before provisions can be brought into force.