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US, South Korea plan to deepen economic, security ties

South Korea said it would substantially increase its contribution to the COVAX vaccine distribution program this year.

By: Reuters |
May 22, 2021 9:27:33 am
U.S. President Joe Biden and South Korea's President Moon Jae-in arrive for a joint news conference after a day of meetings at the White House, in Washington, U.S. May 21, 2021. (Reuters)

The United States and South Korea on Friday pledged to deepen their economic and security ties, while working closely together to combat climate change and the COVID-19 pandemic, according to documents issued after a meeting of the two countries’ leaders.

Following are key plans disclosed in a joint statement by U.S. President Joe Biden and South Korean President Moon Jae-in, and in a separate fact sheet:

– South Korea said it would substantially increase its contribution to the COVAX vaccine distribution program this year

– the two countries will work with other partners to establish a new, multilateral financing mechanism for health security, along with an associated governance structure

– establish a global vaccine partnership to work on scaling up COVID-19 vaccine supplies by expanding manufacturing capacity for vaccines and related raw materials

– agreed to explore creation of a supply chain task force for high-tech manufacturing

– South Korea and the United States will work to increase the supplies of legacy semiconductors for the global automotive industry, and to support semiconductor manufacturing in both countries

– agreed to cooperate closely on reforms of the World Trade Organization and expressed their shared commitment to opposing unfair trade practices- agreed to work together to develop open, transparent and efficient 5G and 6G network architectures

– establish a bilateral investment screening cooperation working group to collaborate on ways to safeguard investments

– agreed to work together to end all forms of new public financing for overseas unabated coal-fired power plants

– agreed to align official international financing with plans to achieve net zero greenhouse gas emissions by 2050

– establish a cyber-working group aimed at boosting cooperation among law enforcement and homeland security agencies.

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