Washington: South Korean President Lee Jae Myung is set to hold his first in-person summit with U.S. President Donald Trump in Washington on Monday, marking a significant event for the bilateral relationship as both nations aim to "modernize" their alliance amidst China's growing assertiveness.

According to Yonhap News Agency, the summit is scheduled to commence in the Oval Office at 12:15 p.m. local time. The agenda is expected to cover topics such as Korea's investments in the United States, defense burden-sharing, and the future role of American troops in Korea. These discussions could have profound implications for the two countries' future relations.

The Trump administration is urging allies to increase their defense spending and assume greater security responsibilities, with a particular focus on countering the perceived "pacing threat" from China. The initial phase of the meeting will be open to the media for opening remarks, followed by a luncheon in the Cabinet Room.

President Trump plans to emphasize South Korea's investment commitments, which include a pledge of US$350 billion as part of a recent trade agreement. In return, the U.S. has agreed to reduce reciprocal tariffs to 15 percent from a proposed 25 percent.

Security matters, notably the operational scope of the 28,500-strong U.S. Forces Korea (USFK), will also be addressed. The concept of "strategic flexibility" is under consideration, although President Lee has expressed reservations about the U.S. proposal, suggesting it could complicate bilateral consensus.

There is speculation that the Trump administration may seek to alter the USFK's size and focus, potentially impacting its role in deterring North Korean threats. Additionally, the summit will explore South Korea's desire to revise a civil nuclear energy cooperation pact to enhance its uranium enrichment and nuclear fuel reprocessing capabilities.

Policy coordination on North Korea remains a crucial topic, with both leaders eager to improve relations and engage in dialogue with the regime. President Lee has outlined a three-stage denuclearization strategy for North Korea, despite Pyongyang's resistance to discussions on its nuclear program.

Observers are keen to see if Presidents Lee and Trump can establish a strong personal rapport during this summit. Their initial phone conversation in June suggested potential camaraderie, as they bonded over campaign experiences and shared interests.

Following the summit, President Lee is scheduled to participate in a business roundtable and deliver a speech at the Center for Strategic and International Studies. He will also visit Hanwha Philly Shipyard in Philadelphia, as South Korea commits to supporting the U.S. shipbuilding industry amidst the growing Sino-U.S. rivalry.