Korea-US to Establish 'Supply Chain TF'... Launch of 'Vaccine Expert Group'

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The Blue House and the White House are exploring plans to establish a 'Supply Chain Task Force (TF)' to implement advanced manufacturing and supply chain cooperation.

On the 21st (local time), the two countries announced this in the 'Korea-US Partnership Factsheet' prepared through the Korea-US summit.

First, to expand production capacity for semiconductors including advanced and automotive use, as well as medium and large batteries, they agreed to make mutually complementary investments across the entire supply chain. They also decided to encourage joint research and development in artificial intelligence (AI), next-generation mobile communication networks (6G), data, quantum technology, and biotechnology, with a particular focus on promoting exchanges of quantum technology experts.

To strengthen competitiveness in advanced information and communication technologies, including 5G and next-generation mobile communication networks (6G or beyond 5G), the United States and South Korea pledged $2.5 billion and $1 billion respectively.

To implement and review bilateral cooperation in advanced manufacturing and supply chains, they are exploring the establishment of a Korea-US Supply Chain Task Force between the Blue House and the White House, and will set up a working group at the working-level to cooperate on strengthening investment protection through bilateral investment screening collaboration.

Through South Korea's signing of the 'Artemis Accords,' they will expand cooperation in space exploration and support the development of South Korea's indigenous satellite navigation system, the 'Korean Satellite Navigation System.'

For COVID-19 response, they also announced plans to cooperate with the Coalition for Epidemic Preparedness Innovations (CEPI) and COVAX. South Korea pledged a new contribution of $200 million over five years to support addressing future health threats. They renewed the bilateral health memorandum of understanding between the U.S. Department of Health and Human Services and South Korea's Ministry of Health and Welfare, and established a comprehensive Korea-US Global Vaccine Partnership (KORUS Global Vaccine Partnership) to expand global vaccine supply.

In this regard, Korea and the U.S. will expand vaccine and related raw material manufacturing capabilities while launching a high-level Korea-US Global Vaccine Partnership expert group composed of scientists, experts, and government officials from both countries.

Regarding climate response, they will expand technology exchanges to achieve the 2050 carbon neutrality goal, promote the development of 'clean zero-emission vehicles' at the government level in both countries, and cooperate to shift public financial support away from high-carbon sector investments. Existing energy policy dialogues will also be elevated and expanded to the ministerial level.

Additionally, the two countries agreed to increase cooperation in value-based areas such as cybersecurity and the promotion of democracy. They will link South Korea's New Southern Policy with the U.S.'s Free and Open Indo-Pacific vision to advance regional projects, and establish a cyber working group to respond to ransomware attacks.

They will also promote cooperation in supply chains, jointly participate in overseas nuclear power markets, and hold the 'Korea-US Nuclear High-Level Commission' at a mutually agreed time. Domestically and internationally, they announced the 'Korea-US Democracy and Governance Consultative Body (DGC),' which will serve as a coordination mechanism for efforts to promote human rights and democracy, and will also promote mutual exchanges of young environmental leaders.

Within both countries, a public-private working group on domestic violence and online exploitation will be launched to eradicate violence against women both online and offline.

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