Investing.com -- Korean Air is close to finalizing a deal worth $32.7 billion for new Boeing (NYSE: BA ) aircraft and GE Aerospace engines, as reported by South Korea’s industry ministry. The deal is expected to strengthen bilateral relations between the United States and South Korea.

The airline had previously announced last year that it intended to order 20 777-9 and 20 787-10 planes from Boeing, with an option for an additional 10 aircraft. A memorandum of understanding was signed in July. If finalized, the aircraft deal alone would be valued at $24.9 billion.

In addition to the aircraft, the deal includes an order for eight spare GE engines, with an option for two more, and engine maintenance services. This portion of the deal is expected to be worth $7.8 billion, according to a statement by South Korea’s industry ministry.

South Korea’s Industry Minister Ahn Duk-geun is currently in Washington, D.C., marking his second visit in a month. His visit comes amid global concerns about U.S. President Donald Trump’s plans to impose tariffs on multiple trading partners and sectors.

Minister Ahn expressed that these deals could pave the way for increased exchanges between the two countries. He also stated that the South Korean government would actively support private sector cooperation.

A signing ceremony attended by Ahn, U.S. Secretary of Commerce Howard Lutnick, and executives from Korean Air, Boeing, and GE Aerospace, signaled an intent to strengthen aerospace partnerships.

According to South Korea’s industry ministry, this event marks the first joint participation of Ministers from Korea and the United States under President Trump’s second administration. This raises expectations for further cooperation between the two countries in various areas including aviation, semiconductors, shipbuilding, and energy.

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