The U.S. has vowed to exert all efforts on achieving a free trade deal that both Seoul and Washington can agree to ahead of the G20 summit that opens next week.

U.S. Deputy National Security Advisor Michael Froman and Treasury Under Secretary for International Affairs Lael Brainard made the announcement as they briefed reporters Monday on President Barack Obama’s upcoming trip to Asia.

According to Froman, Obama has long said that the U.S. wants to try and address the outstanding issues regarding the free trade agreement (FTA) in order to bring it forward for approval. He said South Korea and the U.S. are engaged in discussions to work through such outstanding issues, which fall largely in the areas of autos and beef. Froman said that although he can't predict at this point how the discussions will proceed, the U.S. is going to put every effort into achieving an acceptable agreement by the time Obama arrives in Seoul.

Meanwhile, Brainard said that during the upcoming G20 summit, the U.S. is going to look for more progress on the part of key emerging market economies and moving to market-determined exchange rates based on economic fundamentals.