The government closes a deal with South Korea to build nuclear-powered submarines
"One of the greatest variables for our economy and security—the bilateral negotiations on trade, tariffs and security—has been finalised," announced South Korean President Lee Jae-myung.
Lee Jae Myung
The United States and South Korea have finalized details of a deal to build nuclear-powered submarines. The information was confirmed Friday by South Korean President Lee Jae-myung.
"One of the greatest variables for our economy and security—the bilateral negotiations on trade, tariffs and security—has been finalised," Lee announced to reporters at a press conference picked up by AFP.
He also explained that the two countries decided to "move forward with building nuclear-powered submarines."
South Korea has obtained the necessary "support for expanding our authority over uranium enrichment and spent-fuel reprocessing," he added.
A joint note detailing this agreement states that "both countries have committed to continue their collaboration through a shipbuilding working group" to increase the number of U.S. commercial and military combat-ready ships.
How much will Seoul spend?
US nuclear submarine technology is considered one of the best-kept military secrets.
The note stipulates that Seoul will spend $25 billion to purchase US military equipment through 2030 and will provide full support to US forces in South Korea for $33 billion.
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