South Korea and the United States have reportedly agreed to cooperate on resolving the semiconductor supply shortage through the U.S.-Korea Commercial Forum.  

The U.S. Commerce Department said in a statement that Commerce Secretary Gina Raimondo and South Korean Minister of Trade, Industry and Energy Moon Sung-wook reached the agreement in a meeting on Tuesday in Washington.

The statement said the two sides agreed to use the forum to share information to reduce the risk of a supply and demand imbalance in chips capacity, including technology and investment priorities.

It added that Seoul and Washington agreed to work together to coordinate efforts in resolving the current supply chain crisis and minimizing future bottlenecks. 

Stressing collaboration through the forum, Secretary Raimondo expressed hopes for discussions on semiconductor supply chains with U.S. and South Korean firms in the future as the first step in this engagement.