The United States has reportedly urged South Korea and Japan to consider signing a "standstill agreement" to buy time for negotiations on the growing trade dispute between Seoul and Tokyo.

According to Reuters on Tuesday, a senior U.S. official said that Washington is trying to be helpful in the dispute between its regional allies. 

The U.S. official reportedly said that the standstill proposal would not resolve any of the differences between the two countries, but would forestall any further actions for a set period of time to allow for talks to take place.

The official added that U.S. Secretary of State Mike Pompeo was expected to meet with foreign ministers from Japan and South Korea at a regional conference in Bangkok on Thursday.

The U.S. official added that Washington will also closely watch an expected speech to be delivered by South Korean President Moon Jae-in on August 15, the 74th anniversary of Korea’s liberation from Japanese colonial rule.

Following high-tech material export controls levied on South Korea on July 4, Tokyo is expected to decide on Friday to delist its western neighbor from a shortlist of countries that enjoy preferential treatment in trade procedures.