U.S. President Barack Obama arrived in Seoul late Wednesday to attend the G20 summit among the world's major economies and meet with his South Korean counterpart Lee Myung-bak on the sidelines.

The two leaders will hold a summit on Thursday, the opening day of the two-day G20 summit hosted by South Korea, where they are expected to discuss bilateral relations and address their two-way free trade agreement awaiting legislative approval in both countries.

Lee and Obama had pledged to reach a compromise on the trade deal, originally struck in 2007, before their upcoming summit talks.

Marathon negotiations involving top trade officials from Seoul and Washington are currently underway in a last-minute effort to settle differences on major issues, including auto trade imbalances and American beef imports. No major progress has been reported.