The United States and the Republic of Korea (ROK) are global leaders and partners in the peaceful uses of nuclear energy. To renew and modernize this fruitful and longstanding partnership, we have made significant progress in negotiations to replace the current agreement for peaceful nuclear cooperation, which is set to expire March 19, 2014. We seek to conclude a successor agreement that serves as a strong foundation for U.S.-ROK bilateral civil nuclear cooperation for the future, reinforces our partnership as major nuclear suppliers, bolsters our overall bilateral relationship, and reaffirms our common commitment to nonproliferation. We also seek to work together to address common challenges, including those related to spent nuclear fuel management and reliable supplies of nuclear fuel to undergird our respective nuclear industries.
Because our cooperation is increasingly broad and deep, there are several complex technical issues that will take some additional time and effort to resolve. To provide time for our negotiators to finalize an agreement that meets these important goals, and to meet our respective legal requirements for approval of such an agreement, the United States and the ROK have decided to seek a two-year extension of the current agreement. The Administration will begin immediately to consult with Congress on extending the existing agreement. An extension would ensure there is no lapse in ongoing cooperation and would maintain stability and predictability in our joint commercial activities.
During this extended period, the United States and the ROK will continue negotiations in order to finalize a successor agreement. We expect to hold our next round of discussions on that successor agreement in June 2013 and intend to meet approximately quarterly thereafter.