U.S. Secretary of State Mike Pompeo said Monday negotiations have begun with three Pacific island nations to renew a national security agreement that would help Washington counter growing Chinese influence in the region.

Under the terms of the deal, known as the Compact of Free Association, the U.S. military has exclusive access to airspace and territorial waters of the Federated States of Micronesia, the Marshall Islands and Palau. In exchange, the small islands receive financial assistance.

"Today, I am here to confirm the United States will help you protect your sovereignty, your security, your right to live in freedom and peace," Pompeo told reporters in Pohnpei State, one of four members of the Federated States of Micronesia.