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Korean and US Leaders Agree to Co-Participate in Overseas Nuclear Markets 2021-05-22
□ On May 21 (local time), the Presidents of Korea and the United States released a joint statement that Korea and the United States “commit to develop cooperation in overseas nuclear markets, including joint participation in nuclear power plant projects, while ensuring the highest standards of international nuclear safety, security, and nonproliferation are maintained.”
 
□ In addition, in the factsheet released with the joint statement, Korea and the United States announced specific measures to further cooperate in the nuclear power sector, including co-participation in overseas nuclear markets by promoting coordination in the supply chain, and adopt a common policy on non-proliferation to require recipient countries have an IAEA safeguard agreement Additional Protocol in place as a condition of supply of nuclear power plants.
 
□ With Major nuclear power companies in Korea and the United States taking keen interest in new nuclear power plant projects on other countries, the Korea-US Summit is expected to be followed by discussions on specific cooperation measures among nuclear power companies of the two countries.
 
 ㅇ If the two countries build an optimal overseas nuclear power supply chain that combines the nuclear power companies and equipment/material supply network of the United States, a long-time nuclear powerhouse, and Korean nuclear power companies, which recently succeeded in the commercial operation of the Barakah nuclear power plant Unit 1 in the United States Arab Emirates, the supply chain is expected to strengthen the companies’ competitiveness in bidding processes, and contribute to reinforcing the nuclear power ecosystems of the two countries.
 
□ In addition, the two countries announced that they will continue the talks for cooperation in nuclear power export as they proceed with inter-governmental consultation to implement the agreements reached during the summit.