👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

US doubtful it could help S. Korea on nuclear-powered subs

Published 05/31/2024, 11:19 PM
Updated 05/31/2024, 11:20 PM
© Reuters. U.S. Defense Secretary Lloyd Austin speaks at the Shangri-la Dialogue in Singapore June 1, 2024. REUTERS/Edgar Su

SINGAPORE (Reuters) - The United States is unlikely to help South Korea build nuclear-powered submarines at the moment, as it is stretched by AUKUS commitments to Australia, U.S. Defense Secretary Lloyd Austin said at the Shangri-La security dialogue in Singapore.

In 2021 the United States signed the AUKUS pact with Britain and Australia to share nuclear-powered submarine technology and to sell at least three Virginia-class boats to Australia in the 2030s.

Several other allies, including South Korea, have expressed interest in involvement.

Asked on Saturday at the security summit how he would respond to a direct South Korean request for help obtaining nuclear submarines, Austin said it would be "very, very difficult" for Washington to accommodate that "on top of what we do right now".

"(AUKUS) is no small endeavour," he said. "We just started down this path with Australia. (It's) highly doubtful that we could take on another initiative of this type anytime in the near future."

The two-stage security pact aims to counteract China's growing power in the Asia-Pacific region. It will be the first time Washington has shared nuclear-propulsion technology since it did so with Britain in the 1950s.

It includes a second technology-sharing "pillar", besides the submarines, which has drawn interest from New Zealand and Japan.

"We believe that AUKUS is actually a good addition to regional security," New Zealand Defence Minister Judith Collins said on the sidelines of the Shangri-La Dialogue on Friday, adding that New Zealand had enquired about the second pillar

© Reuters. U.S. Defense Secretary Lloyd Austin speaks at the Shangri-la Dialogue in Singapore June 1, 2024. REUTERS/Edgar Su

"We've had no actual invitation to join it but it is something that we are certainly looking at," she said.

Australian Defence Minister Richard Marles said that he could imagine other countries' involvement in the future but that the focus for now was on the U.S.-UK-Australia trio getting "runs on the board" of submarine projects, which are set to last decades.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.