A U.S. trade official says the Obama administration is willing to rediscuss the investor-state dispute (ISD) settlement clause in the South Korea-U.S. free trade agreement (FTA).

The official said Tuesday that the U.S. is ready to negotiate on any issues South Korea wishes to address regarding the trade deal once it is put into effect.

The official said South Korea and the U.S. could hold discussions on the ISD settlement clause at the FTA service and investment committee that Trade Minister Kim Jong-hoon and U.S. Trade Representative Ron Kirk agreed to establish shortly after the trade pact goes into effect.

The announcement follows President Lee Myung-bak’s suggestion to the South Korean National Assembly on Tuesday that he would ask the U.S. to renegotiate the controversial ISD settlement clause in the trade pact if parliament first ratifies the deal.

While at the National Assembly on Tuesday, Lee told ruling and opposition leaders that he will demand Washington to discuss the thorny issue again within three months after the effectuation of the pact. He also proposed that the Assembly make an official recommendation for renegotiations of the issue when it ratifies the trade accord.