President Moon Jae-in has expressed relief over two South Korean electric vehicle(EV) battery makers, LG Energy Solution and SK Innovation, striking a deal that ends their legal dispute.

SK Innovation agreed to pay LG Energy Solution two trillion won to settle their two-year legal battle in a trade secret case.

On his social media account on Monday, Moon said the agreement is very meaningful, adding it would be in the interests of both the nation and the companies to cooperate based on mutual trust while competing with each other.

The president also stressed the importance of stability in the global supply amid accelerating technological changes.

Earlier, U.S. President Joe Biden hailed the agreement as "a win for American workers and the American auto industry."

The LG-SK agreement came hours before the U.S. International Trade Commission’s(ITC) ten-year import ban on SK was set to take effect unless Biden vetoed it before the Sunday night deadline.