Following are key plans disclosed in a joint statement by US President Joe Biden and the ROK President Moon Jae-in, and in a separate fact sheet:
- the ROK 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
- the Republic of 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.
