The United States and South Korea have made progress in trade negotiations during U.S. President Donald Trump’s visit to Seoul, though a final deal has yet to be signed, officials said Wednesday.

Trump met South Korean President Lee Jae Myung in the historic city of Gyeongju, where this year’s Asia-Pacific Economic Cooperation (APEC) summit is being held. The talks focused on investment, trade, and regional security.

Trump told reporters that the deal was “pretty much finalized,” but no agreement was officially announced. According to Lee’s chief policy aide Kim Yong-beom, the framework includes gradual investment cooperation, shipbuilding projects, and a reduction in U.S. tariffs on South Korean automobile exports to 15%.

South Korea confirmed a $350 billion investment package, to be divided into $200 billion in direct payments and $150 billion in shipbuilding cooperation and loan guarantees. Payments will be made annually, capped at $20 billion per year.

National Security Director Wi Sung-lac said Trump proposed further talks on South Korea’s interest in acquiring nuclear-powered, conventionally armed submarines to enhance deterrence against North Korea. He added that Trump expressed willingness to resume diplomacy with Kim Jong Un to promote peace on the Korean Peninsula.

Trump’s visit to South Korea follows his stop in Japan, where he announced $490 billion in investment commitments. While his administration has been pushing for major investment inflows from Asian allies, Korean officials have cautioned that large-scale cash contributions could destabilize their domestic economy.

Both leaders reaffirmed their commitment to deepening the U.S.-South Korea alliance and maintaining close coordination on regional defense and economic cooperation.