[Full Text] Korea-US Fact Sheet "Semiconductor and Battery Complementary Investments... Global Vaccine Production Cooperation"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the morning of the 21st (local time), the leaders of South Korea and the United States held a summit and announced a 'Partnership Factsheet' alongside the joint summit statement, detailing cooperation in four areas: advanced technology, health, climate change response, and partnership expansion.

The document welcomed the announcement of investments exceeding $25 billion by leading companies from both countries and included commitments to complementary investments in semiconductors and medium-to-large batteries. In the health sector, it outlined cooperation for global vaccine production through a comprehensive partnership, while in climate change response, it detailed collaboration toward the '2050 Carbon Neutrality' goal.

Additionally, to expand into a value alliance, the factsheet included the establishment of a cyber working group, joint participation in overseas nuclear power markets, and the launch of a public-private working group to end violence against women.

Below is the full text of the Partnership Factsheet.

The Republic of Korea and the United States of America commit to strengthening our alliance and expanding the focus of the Korea-US alliance to address critical issues in the Indo-Pacific region and globally. We will deepen cooperation in advanced technology, expand global vaccination efforts to protect the world from the next pandemic, address the climate crisis, and promote economic cooperation and people-to-people exchanges between our nations. Through these concrete initiatives, the Republic of Korea and the United States will demonstrate that our alliance is ready to lead the region toward prosperity, security, and a dynamic and bright future.

Technological Innovation

As global leaders in technological innovation, the Republic of Korea and the United States pledge to build strong and resilient supply chains based on our shared democratic values, deepen cooperation across space and new digital advanced fields, and protect trustworthy and value-centered digital and technological ecosystems. We will work together to promote post-pandemic recovery and rebuild a stronger and more resilient global economy. We aim to leverage our collective strengths?including our open and competitive market systems, shared commitment to democratic values and human rights, protection of intellectual property rights, integrity in scientific research, and a shared spirit of innovation that energizes our scientific and corporate communities?to address the core challenges of the 21st century for the benefit of our peoples and the international community.

We welcome the following:

● The announcement of significant investments within both countries by leading companies from Korea and the United States, totaling over $25 billion, reflecting the longstanding and close economic ties between the two nations.

The Republic of Korea and the United States will cooperate as follows:

● Promote complementary investments in semiconductors?including advanced and automotive semiconductors?and medium-to-large batteries, committing to complementary investments across the entire supply chain of materials, components, and equipment to expand production capacity of these key products.

● Encourage joint research and development on core and emerging technologies through programs fostering AI, next-generation mobile networks (6G), data, quantum technology, and biotechnology. In particular, regarding quantum technology, we welcome joint research and expert exchanges in quantum computing, communications, and sensors.

● Recognize the importance of secure 5G and 6G networks and commit to supporting diverse and resilient supply chains, including innovative network architectures such as Open-RAN technology, and pledge cooperation in the development and standardization of Open-RAN technology.

● Strengthen competitiveness in advanced information and communication technologies, including 5G and next-generation mobile networks (6G or “Beyond 5G”), by encouraging investment in research, development, testing, and deployment of secure networks. To this end, the United States has pledged $2.5 billion, and Korea has pledged $1 billion.

● Seek to establish a Korea-US Supply Chain Task Force between the Blue House and the White House to implement and review cooperation in advanced manufacturing and supply chains.

● Establish a working-level bilateral investment review cooperation working group led by the U.S. Department of the Treasury, the Department of State, and relevant Korean ministries to cooperate on investment protection and strengthening investment review mechanisms.

● Expand cooperation in space exploration facilitated by Korea’s decision to join the Artemis Accords, joining the other nine countries focused on returning to the Moon by 2024, and ultimately expanding and deepening space exploration.

● Support the development of Korea’s indigenous satellite navigation system, the Korean Positioning System, and enhance compatibility and interoperability with the Global Positioning System.

COVID-19 Response, Global Health, and Health Security Cooperation Deepening

Both countries recognize the global suffering caused by COVID-19 and share a commitment to multilateral cooperation to end the pandemic and respond to future global health threats. We pledge to expand cooperation under the Global Health Security Agenda (GHSA) and strengthen pandemic prevention and response. To meet urgent global needs, we will collaborate bilaterally and with the Coalition for Epidemic Preparedness Innovations (CEPI) and COVAX to expand vaccine production, related supplies, and manufacturing innovation. Through active leadership, we will enhance our collective global health security, expand COVID-19 response efforts, and implement measures to build capabilities to prevent the next pandemic.

The Republic of Korea and the United States will cooperate as follows:

● Support the GHSA as members of its leadership group to enhance international capacity to prevent, detect, and respond to infectious disease threats. To facilitate this, Korea has pledged a new $200 million contribution over five years to support future health threat mitigation.

● To prepare for and mitigate damage from future biological threats, Korea and the United States will cooperate in new partnerships with like-minded partners this year to establish a multilateral, sustainable, and facilitative health security financing mechanism and coalition governance structure.

● Cooperate to renew the bilateral health memorandum of understanding between the U.S. Department of Health and Human Services and Korea’s Ministry of Health and Welfare to ensure ongoing and close cooperation on pandemic response and future global health issues.

● Establish a comprehensive Korea-US Global Vaccine Partnership to strengthen joint response capabilities to infectious diseases through international vaccine cooperation. Based on this partnership, we will actively cooperate to significantly expand global COVID-19 vaccine supply to countries worldwide through COVAX and coordination with CEPI. Leveraging each country’s strengths, we will undertake the following:

- Collaborate closely to expand vaccine and related raw material manufacturing capacity and enhance scientific and technological cooperation for international benefit.

- Cooperate to expand production of vaccines that have undergone rigorous regulatory authority or World Health Organization evaluation and proven safe and effective.

- Korea will provide increased manufacturing capacity at domestic facilities to timely meet rising demand for safe and effective COVID-19 vaccines.

- The United States will initiate discussions and expert cooperation to expand global supply of raw materials necessary for vaccine manufacturing.

- Foster research and development and scientific cooperation focused on global health security and pandemic preparedness. Both countries have leading biomedical research institutions in infectious diseases and will promote the importance of voluntary technology transfer for global vaccine production. By fostering collaboration on research to address COVID-19 and future epidemics and pandemics, we can jointly realize a world where future infectious disease outbreaks do not rapidly escalate into pandemics.

- Launch a high-level Korea-US Global Vaccine Partnership Experts Group composed of scientists, experts, and government officials from both countries to implement the partnership to expand global COVID-19 vaccine manufacturing.

Advancing Climate and Clean Energy Shared Goals

The Republic of Korea and the United States cooperate in areas where we share common will, including climate goals, sectoral coal phase-out, and clean energy deployment. To achieve these goals, both countries will collaborate on our commitment to limit the global average temperature increase to 1.5 degrees Celsius and achieve net-zero greenhouse gas emissions by 2050.

The Republic of Korea and the United States will cooperate as follows:

● Korea will announce an enhanced provisional 2030 Nationally Determined Contribution (NDC) aligned with efforts to limit global average temperature rise to 1.5 degrees and achieve global net-zero greenhouse gas emissions by 2050 in early October, and will announce the enhanced final 2030 NDC by COP26.

● Both countries will cooperate to expand technology exchange and strengthen efforts to achieve the 2030 NDC and 2050 carbon neutrality goals, including long-term strategies.

● Promote decarbonization across the economy, including cooperation on power sector decarbonization, and facilitate the development of clean zero-emission vehicles at the government level in both countries to align with achieving net-zero greenhouse gas emissions by 2050.

● Align international public financial support with achieving global net-zero greenhouse gas emissions by 2050 and significant emission reductions in the 2020s, support developing countries, promote inflows of public and private capital for climate change response investments, and cooperate to phase out investments in high-carbon sectors. Both countries will cooperate at the OECD and other international forums to end all forms of new public financial support for overseas coal-fired power plants that do not reduce emissions. Korea expects to join U.S. and other countries’ efforts related to climate finance contributions for new post-2025 targets under the Paris Agreement.

● Recognize the role of natural carbon sinks such as forests, oceans, and coastal ecosystems in responding to the climate crisis, cooperate to conserve and enhance them, and exchange information on nature-based solutions.

● Cooperate globally on marine debris and plastic pollution issues. In this regard, Korea wishes to emphasize the importance of the 7th Marine Debris Conference, co-hosted with the U.S. National Oceanic and Atmospheric Administration and the United Nations Environment Programme. Korea looks forward to U.S. support and active participation for the successful hosting of this conference in Busan in 2022.

● Upgrade and expand the existing Energy Policy Dialogue to ministerial level to focus on expanding clean energy deployment and areas of mutual interest. We will expand clean energy and decarbonization cooperation to include hydrogen storage research and development, electric vehicle battery manufacturing in the U.S., lithium-ion battery recycling, grid-scale energy storage, and potential renewable energy deployment (e.g., offshore wind).

Expanding the Korea-US Partnership

The strong Korea-US alliance is based on our shared democratic values, is inherently inclusive, and is prepared to address the most urgent issues of the 21st century. Through cooperation between Korea’s New Southern Policy and the U.S. regional priorities, we commit to shaping a free, secure, and prosperous dynamic Indo-Pacific region and continue to cooperate to strengthen ASEAN-led regional architecture. The Republic of Korea and the United States pledge to expand our partnership in cybersecurity, development assistance, human rights and democracy promotion, health, and climate change. People-to-people exchanges between our countries are the foundation of enduring friendship, spanning generations and continuing for future generations.

The Republic of Korea and the United States will cooperate as follows:

● Recognize the Indo-Pacific as a key region for peace and prosperity for both countries and advance cooperation on regional initiatives by linking Korea’s New Southern Policy with the U.S. Free and Open Indo-Pacific Strategy.

● Establish a cyber working group focused on strengthening cooperation between law enforcement and homeland security agencies to address ransomware attacks against both countries, learning from past cybercrime incidents.

● Expand private nuclear industry cooperation in overseas nuclear power markets and strengthen cooperation in non-proliferation during this process. As part of our serious efforts to ensure nuclear supply, Korea and the United States commit to jointly participating in overseas nuclear power markets by promoting cooperation in supply chains, and Korea will introduce a joint policy with the U.S. requiring beneficiary countries to apply the IAEA Additional Protocol to safeguard agreements as a condition for nuclear power plant supply. In this regard, we agree to hold a Korea-US High-Level Nuclear Commission at a mutually agreeable time.

● Maintain joint commitments to Afghanistan’s security and Afghan National Defense and Security Forces through the NATO Afghan Security Trust Fund.

● Announce the Korea-US Democracy and Governance Consultative Body (DGC), which will serve as a coordination mechanism for domestic and international efforts to promote human rights and democracy. This consultative body will provide opportunities for both sides to share best practices and cooperate to promote and strengthen democratic resilience, good governance, and democratic institutions.

● Promote mutual exchanges of young environmental leaders between Korea and the United States. The U.S. Embassy in Korea will collaborate with the Korean Embassy in the U.S. to recruit American participants and establish a Korean visit exchange program schedule, while the U.S. Embassy in Korea will organize Korean participants visiting the U.S. The U.S. Embassy in Korea plans for 10 participants from each side, with the possibility of expansion if needed.

● Launch a public-private working group on domestic and online violence against women to end such abuse. This group will 1) develop principles for responding to online exploitation, 2) initiate government-to-government dialogue on legislation related to domestic violence and online exploitation, 3) establish law enforcement dialogues between the two countries to enhance domestic and transnational cooperation on domestic violence and online exploitation, and 4) design educational programs to address the root causes of domestic violence and online exploitation.

● Expand graduate student exchange programs between the two countries to promote training and exchanges of experts in science, technology, and information and communications technology fields.

● Promote ASEAN centrality and strengthen new development cooperation in Southeast Asia between the U.S. Agency for International Development and the Korea International Cooperation Agency focusing on: public health cooperation, connectivity cooperation expansion, digital capacity and cybersecurity building, urban resilience enhancement to address increasing climate threats and vulnerabilities, improved solid waste management, and mitigation of marine plastic pollution impacts.

● Seek additional opportunities for joint contributions to advance technical and vocational education and training, and explore cooperation linking U.S. youth leadership programs such as the Young Southeast Asian Leaders Initiative with Korea’s ASEAN Youth Project.

● Support capacity building to combat illegal, unreported, and unregulated (IUU) fishing in Indo-Pacific countries and share information related to IUU issues.

● Enhance connectivity between the two countries through the first pilot program for exempting transshipment baggage screening between the U.S. Department of Homeland Security and Korea’s Ministry of Land, Infrastructure and Transport. The purpose is to screen and select checked baggage before arrival in the U.S., reducing transfer times, maximizing resources, limiting face-to-face contact, and providing more efficient processing for travelers. This pilot program is based on deep trust between our governments, enhancing security while reducing processing times upon arrival in the U.S.

This content was produced with the assistance of AI translation services.