U.S. Commerce Secretary Gina Raimondo and South Korean President Moon Jae-in announced an agreement to deepen cooperation in a range of industries including pharmaceutical companies making Covid-19 vaccines, electric-vehicle batteries and semiconductor producers.

“The importance of this bilateral relationship for both nations cannot be overstated,” Raimondo said. “As we recover from the pandemic, our countries will benefit from deepening that collaboration, particularly in sectors that are critical to the future of our economies.”

South Korea is eager to secure supplies of Covid-19 vaccines that the U.S. has recently allowed to be exported. At the same time, the U.S. has sought help from allies including South Korea to alleviate a semiconductor shortage that’s led to idling of auto plants across North America.

Raimondo on Friday morning held a roundtable on supply chain issues with South Korean Minister of Trade, Industry and Energy Moon Sung-wook. The meeting was attended by more than a dozen executives from companies including Samsung Electronics Co., LG Corp., Qualcomm Inc. and Hyundai Motor Group.

Moon is set to participate in a bilateral meeting with President Joe Biden on Friday afternoon and later hold a joint press conference.