The U.S. State Department has confirmed Seoul and Washington reached an agreement in principle on how to share the cost of stationing U.S. Forces Korea that is to be applied from this year.

A State Department official said Monday the "United States and the Republic of Korea(ROK) have reached an agreement in principle on a new Special Measures Agreement" and that "both sides are committed to working out remaining technical issues as quickly as possible."

The official said the U.S. appreciates the considerable resources South Korea provides to support the alliance, including its contribution through the Special Measures Agreement towards the cost of keeping U.S. troops on the Korean Peninsula.

The official went on to say that for nearly seven decades, South Korea has stood as an "exemplary ally, partner and friend" of the United States, and that Washington stands by its ally, including through shared obligations under the Mutual Defense Treaty. 

The State Department official said that America's commitment to the security of South Korea and its people remains "ironclad."

The two sides are known to have agreed that Seoul pay in a sum close to one billion U.S. dollars for a new one-year contract, with that deal expected to be finalized this week.