Korea, US to sign pact to share info on defense industry firms

Korea, US to sign pact to share info on defense industry firms

South Korea and the United States plan to share information on their defense industry companies in a move to facilitate the trade of weapons, the state defense procurement agency said Monday.

Chang Myoung-jin, head of the Defense Acquisition Program Administration, and Deputy Secretary of Commerce Bruce H.

Andrews will sign a memorandum of cooperation for information sharing on each other’s weapons manufacturers in Washington, an official statement said. The bilateral pact will be reached Monday (Washington time).

“We have had some difficulties in obtaining credible information on the US and other foreign countries’ weapons companies. The bilateral pact will help us sign agreements with weapons firms,” a DAPA official said.

DAPA and the US Ministry of Commerce will hold a meeting annually to promote cooperation in sharing information on weapons makers. The first meeting will be held in Washington right before the pact is signed, he said.

“The country is also planning to sign a similar pact with countries, such as France, Britain and Israel. It will not only help secure credible weapons partners but increase weapons exports,” said Kim jong-chool, DAPA’s director general of programming & support department.

Source: http://www.koreaherald.com/view.php?ud=20161121000230

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