Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
US vaccine provision to Korea getting more feasible
Vials of Pfizer and Moderna coronavirus vaccines are seen in this illustration picture, on March 19. Reuters-Yonhap
By Lee Hyo-jin
By Lee Hyo-jin
A recent decision by the U.S. administration to share its COVID-19 vaccines with other countries is expected to accelerate ongoing talks between South Korea and the U.S. on a “vaccine swap,” especially in this week's summit between President Moon Jae-in and U.S.
President Joe Biden. Biden announced Monday that his administration will send ab additional 20 million doses of domestically approved vaccines ― Pfizer, Moderna, and Johnson & Johnson ― overseas by the end of June, in addition to the 60 million doses of the AstraZeneca vaccine he had already authorized to share with other countries.
“We know America will never be fully safe until the pandemic that's raging globally is under control,” Biden said recently, noting that the U.S. had committed to sharing five times more vaccine than any other country had donated.
Although the U.S. president did not disclose which countries they would be, Seoul and Washington are likely to boost discussions on vaccine cooperation such as swap deals considering the announcement came a few days ahead of the Moon-Biden summit scheduled for Friday.
Although Korea has so far “secured” enough vaccines to inoculate 99 million people, or nearly double its population, the country is facing a temporary supply shortage as most of the doses purchased are expected to arrive during the latter half of the year.
In order to achieve its goal of reaching herd immunity by November, the government has been making efforts to speed up the arrival of the ordered vaccines amid growing global competition.
As a part of such efforts, it has sought help from the U.S., engaging in preliminary discussions on a vaccine swap deal, under which the U.S. would provide surplus vaccine to Korea and the latter would return the same amount later.
Earlier last week, U.S Vice President Kamala Harris expressed a willingness to provide vaccine support to Korea, according to U.S Congressman Andy Kim.
The Korean American lawmaker said, during his meeting with Harris, May 11, she agreed on the need to share vaccines with Korea. He added that she said she will discuss the matter with Korean officials prior to the summit.
Also, the U.S. Forces Korea (USFK) has offered to provide surplus vaccine from Johnson & Johnson ― enough to vaccinate 13,000 people ― to the government, Monday.
Since rolling out the vaccine to its service members last December, the USFK has so far inoculated over 70 percent of its personnel using doses from Moderna and Johnson & Johnson.
The government said that vaccine cooperation with the U.S., such as resolving supply shortages through swap deals or enabling local production through technology transfers, will be one of the top items at the summit.
“I will use this visit as an opportunity to strengthen our vaccine partnership with the U.S. for Korea to move toward the aim of becoming a global hub for vaccine production,” President Moon said during a meeting with his aides, Monday, raising expectations for vaccine cooperation with the U.S. in many forms.
Presidential chief of staff for policy Lee Ho-seung also said in a radio interview last week, “The U.S. has original technology and raw materials for vaccine, and Korea has one of the world's top bio production capabilities. If the two are combined, Korea can become a global hub for vaccine production.”