WASHINGTON (AP) — The United States and South Korea have tentatively agreed to a new deal covering the costs of maintaining the American military presence there, the U.S. State Department and South Korean foreign ministry announced Friday.

The agreement, which must still be approved by the South Korean government and ratified by its parliament before taking effect, would see Seoul’s contribution rise by 8.3% during the first year of the five-year deal, to $1.125 billion. Additional increases, capped at 5% per year, would then be applied.

There are about 28,500 U.S. forces in South Korea to help deter potential aggression from North Korea and fewer than a handful of major bases.

“The agreement will be a significant accomplishment for both sides, and will strengthen our alliance and our shared defense,” State Department spokesman Matthew Miller said in a statement.

He did not detail the costs to South Korea, which were outlined in a simultaneously released statement from the South Korean foreign ministry.

The current agreement was not due to expire until next year, but the Biden administration had been pushing to complete the “Special Measures Agreement” with South Korea before November’s U.S. presidential election, in part to allay South Korean concerns that a possible victory by former President Donald Trump might complicate future negotiations.

During Trump’s term, he repeatedly accused South Korea and other U.S. allies of freeloading and suggested he would demand billions of dollars more to extend mutual defense agreements. That led to fears that decadeslong alliances could be jeopardized, and the previous agreement was not extended until President Joe Biden took office.

The new agreement, if approved by the South Koreans, would run until 2030, beyond the four-year term of the next U.S. president.