On December 12, 2022, Beneath Secretary of State for Financial Development, Power, and the Setting Jose W. Fernandez and Republic of Korea (ROK) Second Vice Minister of Overseas Affairs Lee Dohoon met in Washington, D.C., to co-chair the Seventh U.S.-ROK Senior Financial Dialogue (SED). Beneath Secretary Fernandez and Vice Minister Lee reviewed progress on the initiatives introduced by the 2 Presidents on the Might 2022 Summit and reaffirmed their dedication to deepening the U.S.-ROK financial partnership to deal with regional and world challenges, starting from provide chain resilience to science and expertise cooperation. The US recommended the ROK’s persevering with participation in necessary financial initiatives, such because the Indo-Pacific Financial Framework for Prosperity and the Minerals Safety Partnership (MSP), and acknowledged the ROK’s rising investments in the US, together with in electrical automobiles (EV) and EV batteries manufacturing, which contribute to our shared financial, nationwide safety, and clear vitality targets. Each side additionally reaffirmed dedication to proceed constructive discussions to deal with the ROK’s issues and suggestions concerning the Inflation Discount Act (IRA).
Specifically, the US and the Republic of Korea dedicated to the next
- On provide chains, bolster a mutually useful ecosystem of numerous, resilient, and safe provide chains of vital merchandise, reminiscent of semiconductors, EV batteries, health-related provides, and demanding minerals, by means of enhanced bilateral and multilateral cooperation and mechanisms such because the Indo-Pacific Financial Framework (IPEF) and MSP, recognizing that engagement with the personal sector is important to the success of our engagement; discover potential for bilateral cooperation underneath the CHIPS and Science Act; discover launching a brand new monitoring and knowledge change mechanism early warning methods on provide chain disruptions by linking respective abroad missions community; and facilitate mutual funding underneath E2 Treaty Investor visa and financial change underneath E1 Treaty Dealer visas.
- On public well being, proceed their assist of the International Well being Safety Agenda; signal the amended MOU between the U.S. Division of Well being and Human Companies and the ROK Ministry of Well being and Welfare in early 2023; construct on the United States-Korea (KORUS) International Vaccine Partnership and the rising partnerships between ROK and U.S. companies and establishments; discover alternatives for additional collaboration to reinforce manufacturing of and entry to vaccines in addition to consumables and medical provides on a worldwide scale; and collectively assist the Ideas for Accountable Contributors to information COVID-19 vaccine contributions.
- On the local weather disaster and vitality, uphold commitments, and speed up efforts to implement every nation’s Nationally Decided Contributions in direction of 2050 web zero targets, together with deployment of renewable vitality and zero-emission automobiles and implementation of the International Methane Pledge; improve analysis and improvement (R&D) collaboration; and interact with personal trade to spur innovation and deployment of fresh vitality applied sciences.
- On Science & Know-how (S&T), improve bilateral collaboration on joint analysis and improvement in vital and rising applied sciences; deepen bilateral coordination and continued data change on funding screening and export controls; facilitate technical discussions to establish alternatives for collaboration on open, interoperable, safe, and dependable telecommunications community architectures utilizing Open Radio Entry Networks; proceed to coordinate methods to work collectively, together with doubtlessly underneath the Government Order on Advancing Biotechnology and Biomanufacturing Innovation for a Sustainable, Secure, and Safe American Bioeconomy; signal the Protocol Amending and Extending the Settlement on S&T Cooperation; attempt towards implementing the Embassy Science Fellows (ESF) Program within the close to future; and proceed session on the launching of a joint STEM internship program.
- On infrastructure, strengthen bilateral cooperation with international locations in Southeast Asia, the Pacific, and Latin America; promote clear, sustainable funding in high quality infrastructure supported by clear financing and aligned with social and environmental consideration as per G20 Ideas for High quality Infrastructure Funding; and additional establish joint initiatives on local weather, digital connectivity, and gender equality to deal with the numerous funding hole within the Indo-Pacific area, together with by means of organizing a public-private infrastructure roundtable, to establish and think about choices to scale back the hole.
- On improvement, affirm dedication to strengthen improvement ties and deepen cooperation within the Indo-Pacific area, Central America, Africa, and past; discover methods to collaborate by means of the Companions within the Blue Pacific, with the U.S. wishing success of the primary summit assembly between the ROK and the Pacific Islands Discussion board international locations in Korea in 2023; proceed to debate frequent insurance policies to reinforce improvement cooperation with the Pacific Island International locations; affirm willingness to co-finance and assist the USAID/Philippines Local weather Resilient Cities undertaking; cooperate to assist Korea Worldwide Cooperation Company (KOICA)’s marine particles exercise within the Philippines; assist KOICA’s capability improvement undertaking for nurturing cybersecurity professionals in Indonesia; proceed to collaborate in improvement cooperation in Northern Central American international locations; discover increasing collaboration within the following sectors, however not restricted to: local weather and setting, well being, clear and renewable vitality, digital capability.
- On people-to-people change, particularly with respect to ladies’s financial empowerment and science, expertise, engineering, and math (STEM) empowerment, collectively implement the Second ROK-U.S. Ladies’s Financial Empowerment Motion Plan geared toward advancing ladies’s participation in STEM-related sectors by means of coverage advocacy and supporting feminine entrepreneurs; launch a global STEM internship program in summer time 2023, leveraging an present U.S. Division of Homeland Safety Summer time Internship program; and launching a pilot collaboration between ROK and U.S. scientists by means of Embassy Science Fellows Program designed to facilitate the sharing of STEM experience with third nation companions.