U.S., South Korea plan to deepen economic, security ties

WASHINGTON, May 21 (Reuters) - The United States and South Korea on Friday pledged to deepen their economic and security ties, while working closely together to combat climate change and the COVID-19 pandemic, according to documents issued after a meeting of the two countries' leaders.

Following are key plans disclosed in a joint statement by U.S. President Joe Biden and South Korean President Moon Jae-in, and in a separate fact sheet:

- South Korea 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

- South 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.

Reporting by Andrea Shalal, Eric Beech, David Brunnstrom and Hyonhee Shin

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