South Korea and the United States have announced an agreement on exchange rate policies.

The Ministry of Economy and Finance and the U.S. Department of the Treasury issued a joint statement on Wednesday detailing the outcome of their foreign exchange rate discussions, part of ongoing trade negotiations between the two countries.

Both sides reaffirmed their commitment to avoid manipulating exchange rates or taking actions that could harm either country’s markets or provide an unfair competitive advantage.

The two countries also agreed that overseas investments by government investment institutions should be based on risk management and diversification purposes, and emphasized that intervention in exchange markets should only be considered when excessive volatility occurs and a response is necessary.

South Korea further agreed to provide monthly updates to the U.S. Treasury on market stabilization measures, which are currently reported quarterly, to ensure transparency.