S Korea to deploy 550 km, 800 km range missiles in 5 years

South Korea plans to complete the deployment of new ballistic missiles with ranges of 550 and 800 kilometers in five years, Yonhap News Agency reported Monday, citing a government source.  The latest move comes after Seoul announced Sunday that it has reached a landmark agreement with the US to extend the range of its missiles by more than twice the current limit to 800 km, a distance long enough to reach the northern tip of North Korea.  Under the new guideline, the military will push to deploy 550-km and 800-km range missiles in five years, with a KRW 2.4 trillion (USD 2.1 billion) budget set aside for the 2013-2017 defense plan aimed at bolstering its missile defense system, the source was quoted as saying. Although the Defense Ministry has not yet decided when to deploy the new ballistic missiles, Seoul officials say it won't take long to develop the ballistic missiles that can fly up to 800 km.  The deployment will be decided in "an appropriate time" depending on the budget and other circumstances, Shin Won-shik, a ministry official in charge of the defense policy, said in a Sunday briefing. In April, Pyongyang unsuccessfully fired off a long-range rocket, which the international community condemned as a disguised test of its missile technology.  South and North Korea are still technically at war since the 1950-53 Korean War ended in a cease-fire, not a peace treaty. About 28,500 American troops are stationed in South Korea to help deter North Korean aggression.