Jeong Eui-yong: "Private Semiconductor and Battery Cooperation, Favorable for Forming US 'Vaccine Swap' Public Opinion"

Ruling and Opposition Parties Raise Voices for Vaccine Supply Using 'Diplomatic Network'

Foreign Minister Chung Eui-yong is wearing a mask after drinking water at a Kwanhun Club invitation debate held at the Press Center in Jung-gu, Seoul on the 20th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy reporters Lee Ji-eun and Koo Chae-eun] The government has expressed that cooperation in the semiconductor and electric vehicle battery sectors will be helpful as it pursues a 'vaccine swap' with the United States. This means that if trust between the two countries is strengthened through private-sector cooperation in areas such as semiconductors and electric vehicle batteries, it will have a positive impact on the vaccine swap discussions.

On the morning of the 21st, Foreign Minister Chung Eui-yong participated in a Kwanhun Club invitation debate held at the Seoul Press Center and spoke about the vaccine swap plan he announced the previous day. He said, "Since there are many areas in the global supply chain where we can assist the U.S., which President Biden is interested in, we can discuss various forms of cooperation." When asked if these areas were related to semiconductors or batteries, he replied, "I think expanding cooperation among private companies will significantly help form public opinion in the U.S. political circles that assistance is necessary."

However, he also indicated that the 'swap' format, exchanging vaccines for equivalent compensation, might not necessarily be the case. It is a form of cooperation that expects a kind of 'goodwill.' Minister Chung said, "Considering the special relationship as allies, there was a time when we supplied masks to the U.S. when they were in shortage," adding, "We are explaining such circumstances to the U.S. side and emphasizing that a true friend is one who helps in difficult times."

The day before, at the National Assembly Foreign Affairs and Unification Committee, Minister Chung stated, "We are seriously discussing a vaccine swap with the U.S.," and the U.S. State Department also acknowledged the discussion on the Korea-U.S. vaccine swap on the 20th (local time), calling it a "non-public diplomatic dialogue." However, since the U.S. plans to achieve herd immunity by this summer, it is not easy to predict the outcome of the vaccine swap. Minister Chung said, "The U.S. also explained to us that their domestic situation is still difficult," and "They conveyed that there is no surplus in vaccine stockpiles to achieve herd immunity by summer." Regarding the Quad participation raised by some, he drew a line, saying, "I do not see it as an exchange target (with vaccines)."

[Image source=Yonhap News]

Meanwhile, both ruling and opposition parties are raising their voices that vaccines should be secured through diplomatic networks. Song Young-gil, chairman of the Foreign Affairs and Unification Committee, appeared on TBS Radio’s ‘Kim Eo-jun’s News Factory’ and said, "We need to prepare Plan B, including not only Moderna and Pfizer but also Russia’s Sputnik V vaccine," adding, "We will meet with the Russian ambassador, including the U.S. Senate, to prepare Plan B." Kim Ki-hyun, a member of the People Power Party, also emphasized on MBC Radio’s ‘Kim Jong-bae’s Focus’ that "We must send a parliamentary delegation to the U.S. to conclude a vaccine swap."