Korea-US Leaders "Will Strengthen Comprehensive Strategic Alliance"... Korea Officially Joins IPEF [Korea-US Summit]

"Developing the ROK-US Alliance into a Global Comprehensive Strategic Alliance"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol and U.S. President Joe Biden agreed on the 21st to strengthen a comprehensive strategic alliance in an era where the global economy and security are intertwined. Through this, they plan to elevate the strategic cooperation between South Korea and the U.S. in economic security based on core technology sectors of the 4th Industrial Revolution such as semiconductors, batteries, artificial intelligence (AI), and bio.

President Yoon emphasized at a joint press conference held immediately after the Korea-U.S. summit with President Biden on the 21st, "We shared the goal of developing the Korea-U.S. (Hanmi) alliance into a global comprehensive strategic alliance." He added, "The Hanmi alliance now faces new challenges such as North Korea's denuclearization, the pandemic crisis, changes in trade order and supply chain restructuring, climate change, and the crisis of democracy. As a comprehensive strategic alliance, we will respond to these challenges together."

The two leaders formalized South Korea's proactive participation in the U.S.-led Indo-Pacific Economic Framework (IPEF) on the same day. President Yoon said, "The Indo-Pacific region is an important area for both South Korea and the U.S. We will participate in the IPEF and create strategies to expand our regional contributions and roles."

President Biden also stated, "There is now a consensus that closer cooperation is needed among democratic countries in the Pacific region. We discussed expanding cooperation not only among the U.S., Japan, and South Korea but also to the South Pacific and the broader Indo-Pacific region."

He continued, "We will address supply chains in various fields beyond semiconductors. We have already dealt with semiconductors, and infrastructure will also be included. We will strengthen our capabilities to help countries in the region that currently lack such capabilities to build more modern infrastructure." He added that digital economy, cyber security, and data access will be included. Clean renewable energy, science and technology, and related tax issues are still under negotiation.

The two countries agreed to establish strategic consultation channels such as the 'NSC Economic Security Dialogue.' Through this, they plan to specify cooperation measures in key areas such as supply chains, advanced technology, and energy, and strengthen bilateral coordination to advance and realize outcomes of the IPEF.

Furthermore, they plan to strengthen public-private cooperation to protect and promote core and emerging technologies including AI, quantum, and bio technologies. By expanding human exchanges among experts, promoting investment, and cooperating in research and development, they aim to expand the technological alliance between the two countries through partnerships related to core and emerging technologies.

In response to supply chain and market shocks caused by changes in the international order such as the Ukraine war, South Korea and the U.S. will actively respond. President Yoon emphasized, "As a first step in responding to market shocks, we established an 'Economic Security Dialogue' between presidential offices to maintain frequent communication and cooperation in economic security areas such as supply chains and advanced science and technology."

The two leaders pledged to strengthen cooperation not only in economic collaboration but also in creating the international order by raising goals on global health and climate issues through this summit.

President Biden explained, "Cooperation between the U.S. and South Korea is very important for strategic development. We will fight against the pandemic, strengthen health and security to respond to global health crises. Additionally, we will enhance climate change goals and fight for our democratic values through electric vehicle development, and respond to various threats to uphold a rules-based international order."

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