President Lee Jae Myung announced on Thursday that South Korea has agreed to a trade agreement with the United States. 

In a post on social media, Lee said the agreement has removed trade uncertainties and created the conditions for South Korea to compete on terms equal to or better than its major competitors by lowering U.S. tariffs accordingly. 

Lee continued that the 350 billion dollar investment commitment included in the deal will solidify the foundation for strategic industrial cooperation between the two countries.

He added that the fund will support the entry of South Korean companies into the U.S. market, particularly in the shipbuilding, semiconductor, secondary battery, biotechnology and energy sectors.

Lee said 150 billion dollars of the total will be dedicated to a shipbuilding cooperation fund, which will strongly support the entry of South Korean companies into the U.S. shipbuilding industry. 

The president expressed hope that the trade deal will reinforce the South Korea-U.S. alliance and strengthen industrial cooperation between the two nations.