"The United States and South Korea have released details of a trade agreement that includes a $150bn Korean investment in the US shipbuilding sector, and both countries agree to move forward on building nuclear-powered submarines. Under the agreement, President Lee Jae Myung said on Friday that South Korea will build nuclear-powered submarines as part of a new partnership with Washington on shipbuilding, artificial intelligence and the nuclear industry."
"A fact sheet released by the White House said the US gave approval for Seoul to build nuclear-powered submarines and that South Korea will invest an additional $200bn in US industrial sectors in addition to the $150bn in shipbuilding. South Korea's official Yonhap news agency said Seoul's investment was in return for Washington's lowering of trade tariffs on Korean goods to 15 percent from 25 percent."
"One of the greatest variables for our economy and security the bilateral negotiations on trade, tariffs and security has been finalised, President Lee said at a news conference on Friday, adding the two countries had agreed to move forward with building nuclear-powered submarines. The United States has given approval for the ROK [Republic of Korea] to build nuclear-powered attack submarines, Lee said."
South Korea secured U.S. approval to build nuclear-powered submarines and negotiated expanded authority over uranium enrichment and spent-fuel reprocessing. The deal includes a $150bn Korean investment in U.S. shipbuilding and an additional $200bn investment in other U.S. industrial sectors. Seoul obtained tariff reductions on Korean goods from 25 percent to 15 percent in connection with the investment commitments. Both countries agreed to deepen collaboration through a shipbuilding working group to increase commercial and combat-ready military vessels. South Korea plans to acquire four or more 5,000-ton conventionally armed, nuclear-powered submarines by the mid-2030s.
Read at www.aljazeera.com
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