Just hours away from the summit, the U.S. and South Korea managed to reach an agreement concerning the beef market. South Korea agreed to accept beef imports from the U.S. under the condition of raising safety standards.

Negotiators on both sides agreed that certain import sanitation rules must be rewritten in order to be sure that quality will not be an issue for future shipments.

The collaboration between the two countries ended in 2003 after the mad cow disease was reported in the United States. At the time, South Korea was the U.S.’s third largest market for beef.

South Korea's chief negotiator Min Dong-seok said that by resolving the beef issue, the ties between the two countries will surely be strengthened. He also said: "The beef issue has been a factor that caused distrust between South Korea and the U.S," as quoted by the Associated Press.

An attempt to resume trades started in April 2007, when South Korea allowed the United States to ship transports of boneless beef from young animals. Unfortunately, the imports were halted again in October 2007.

Analysts have estimated that once the deal will be approved by legislatures in both countries, their two-way annual trade which is currently at about $78 billion will be boosted by at least $20 billion.

South Korean President Lee Myung-bak is in the United States on his first overseas trip since taking office in February and is expected to meet U.S. President George W. Bush at the Camp David presidential retreat today.