{"id":2201100,"date":"2023-05-22T20:12:28","date_gmt":"2023-05-22T11:12:28","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201100"},"modified":"2023-05-23T19:16:07","modified_gmt":"2023-05-23T10:16:07","slug":"after-us-and-japan-summits-seoul-looks-farther-afield-for-economic-cooperation","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/05\/after-us-and-japan-summits-seoul-looks-farther-afield-for-economic-cooperation\/","title":{"rendered":"After US and Japan summits, Seoul looks farther afield for economic cooperation"},"content":{"rendered":"
President Yoon Suk-yeol\u2019s first year in office has been marked by substantial improvements in South Korea\u2019s diplomatic ties with the U.S. and Japan, a major shift from the dynamics observed under the previous administration.<\/span><\/p>\n Capitalizing on this momentum, the Yoon administration has launched a second phase of foreign policy objectives centered around enhancing the ROK\u2019s relations with other regional democracies.\u00a0<\/span><\/p>\n But it is unclear when this diplomatic initiative will translate to concrete gains as ongoing trade and legal disputes remain an impediment.\u00a0<\/span><\/p>\n EUROPE<\/b><\/p>\n After concluding a series of successful summit meetings with U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida, Yoon\u2019s outreach to Washington and Tokyo culminated in a trilateral meeting at the G7 summit, at which the three leaders pledged to <\/span>elevate<\/span><\/a> their cooperation to \u201ca new level.\u201d\u00a0<\/span><\/p>\n While the meeting was cut short due to Biden\u2019s obligations back in Washington, he reportedly <\/span>invited<\/span><\/a> Yoon and Kishida to a future meeting in the U.S. capital.<\/span><\/p>\n With Washington and Tokyo on an even keel, Seoul appears to have the bandwidth to shift its diplomatic agenda elsewhere. The next phase of its foreign policy aims at fostering economic cooperation with other regional democracies.<\/span><\/p>\n Among these countries is the United Kingdom. During the G7 summit, Yoon and British Prime Minister Rishi Sunak <\/span>discussed<\/span><\/a> opportunities for collaboration in the nuclear power and technology sectors. This conversation was timely, following an <\/span>energy agreement<\/span><\/a> between the two countries signed in April.<\/span><\/p>\n The agreement paves the way for increased cooperation in nuclear energy, potentially involving South Korean businesses in constructing new plants in the U.K. High-level talks between South Korea\u2019s Minister of Trade, Industry and Energy Lee Chang-yang and his British counterpart Grant Shapps outlined potential areas of collaboration in the nuclear power sector.<\/span><\/p>\n With the U.K. striving for complete decarbonization by 2035 and South Korea\u2019s intensified efforts to export its <\/span>APR-1400 reactor technology<\/span><\/a>, the stage is set for increased participation from Korea Electric Power Corporation (KEPCO) in constructing new nuclear power plants in the island nation.<\/span><\/p>\n Given South Korea\u2019s successful export of nuclear reactors to the <\/span>United Arab Emirates<\/span><\/a> (UAE) and its ongoing assistance in building plants in <\/span>Egypt<\/span><\/a>, coupled with the U.K.\u2019s proficiency in <\/span>nuclear fuel production<\/span><\/a>, both countries stand to gain from a shared relationship in the nuclear energy industry.<\/span><\/p>\n However, South Korea\u2019s nuclear power export plans have faced <\/span>setbacks<\/span><\/a> from a lawsuit by U.S. nuclear energy company Westinghouse, which claims the APR-1400 reactor technology as its <\/span>intellectual property<\/span><\/a>.<\/span><\/p>\n