The two leaders said after a meeting in the South Korean capital Seoul that they want to see strengthened cooperation in nuclear markets at home and abroad and to further cooperation for spent fuel management, nuclear export promotion, assured fuel supply and nuclear security.
They said they aim to use “export promotion and capacity building tools, and building a more resilient nuclear supply chain”.
The US said it welcomed South Korea’s decision to join the US-led Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology (First) programme. First was launched in April 2021 to provide “capacity-building support to partner countries”. As an initial investment, the US committed $5.3m to support First projects.
The two nations said they will adopt a common policy to require countries receiving nuclear energy technology to have an International Atomic Energy Agency non-proliferation agreements in place as a condition of supply of nuclear power plants.
In May 2021 the US and South Korea agreed to expand their work on nuclear energy development in a bid to increase their presence in foreign markets, including the development of new-build projects.
In a joint statement, both countries announced commitment 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 non-proliferation are maintained”.
The statement followed summit between Mr Biden and former South Korean president Moon Jae-in.
Reports in South Korea have said that agreement has not yielded tangible results, but new president Mr Yoon, who took office earlier this month, is hoping the new agreement will reset the relationship.
The Yoon government is bullish on nuclear and recently said construction of two plants at the Shin-Hanul nuclear power station will resume in 2025 and an application will be made next year so that Kori-2 can be operated beyond its service life.
Work on the Shin-Hanul-3 and Shin-Hanul-4, 330 km from Seoul in the southeast of the country, was halted in 2017 under the nuclear phaseout policy of the previous administration.
Mr Biden shares the same goal of strengthening his domestic nuclear industry. The country has been using nuclear power for more than 60 years. The US currently operates 93 nuclear units with a total capacity of 95.5 GW at nuclear stations in 28 states.
However, changing energy markets and other economic factors have resulted in the early closure of 12 commercial reactors in the US since 2013.
