South Korea presidential policy adviser Kim Yong-beom said Monday that the U.S. and South Korea had decided to establish a non-binding agreement to set up and operate a $350 billion financial package pledged in their July trade deal.

The two countries agreed to use the financial package to support the strengthening of strategic industries including energy and critical minerals, batteries, semiconductors, pharmaceuticals, AI, and quantum computing, and South Korean financial authorities such as the Ministry of Finance would establish a working-level team to discuss detailed future implementation, Kim said.