Seoul: South Korea’s envisioned memorandum of understanding (MOU) with Washington on nuclear export cooperation is expected to help the two countries boost ties and avoid potential disputes in the future, a senior industry official said Tuesday. The remark came after Seoul and Washington announced they have initialed the MOU that reaffirms their mutual commitment to promoting the expansion of peaceful nuclear energy while upholding the “highest standards of nonproliferation, safety, safeguards and security.”

According to Yonhap News Agency, the agreement also comes amid an ongoing dispute between South Korea’s Korea Hydro and Nuclear Power and Westinghouse Electric Co., a U.S. nuclear energy firm, over a nuclear reactor export issue. A senior ministry official mentioned that technically, the agreement is not directly related to the dispute. However, progress has been made in preventing similar situations by establishing procedures for cooperation without engaging in disputes in terms of export control.

The
official further noted that the agreement is expected to be signed soon, regardless of the outcome of the U.S. presidential election. Following the war between Russia and Ukraine, the nuclear energy market has been showing signs of recovery. There is a sense of urgency that both countries could miss the opportunity due to the corporate conflict.

Additionally, the official believes that businesses can pursue partnerships under a shared understanding of coordinated efforts between South Korea and the U.S. This shared understanding is anticipated to foster collaborations that align with the strategic interests of both nations.