Seoul and Washington will discuss cooperation on supply chains of major industries every year.
South Korea's Industry Minister Lee Chang-yang and U.S. Commerce Secretary Gina Raimondo signed an MOU.
Under the agreement, the two parties will upgrade the working-level industrial cooperation dialogue to the ministerial level.
The two countries plan to hold annual sessions to discuss economic security issues and cooperation on key industries.
They range from recovering the disrupted supply chains for semiconductors to the digital economy, healthcare technology, and export restrictions.