WASHINGTON - U.S. President Joe Biden and his South Korean counterpart Moon Jae In agreed Friday to engage in "pragmatic" diplomacy with North Korea over its nuclear weapons, while seeking a tie-up in supply chain and technology issues as the region faces China's growing military and economic assertiveness.

The two leaders also affirmed the importance of peace and stability in the Taiwan Strait and noted that trilateral cooperation involving Japan is of "fundamental importance" in addressing North Korea and bolstering the rules-based order, according to a joint statement issued after their talks in Washington.

U.S. President Joe Biden (R) listens as South Korean President Moon Jae-in speaks at a joint press conference in the East Room of the White House on May 21, 2021 in Washington. (Getty/Kyodo)

Speaking at a press conference with Moon, Biden said the two leaders are "deeply concerned" about the situation regarding Pyongyang's nuclear and missile programs.

"Our two nations also share a willingness to engage diplomatically with the DPRK to take pragmatic steps that will reduce tensions, as we move toward our ultimate goal of denuclearization of the Korean Peninsula," he said, using the acronym of North Korea's formal name, the Democratic People's Republic of Korea.

Moon became the second foreign leader after Japanese Prime Minister Yoshihide Suga to visit the White House for a face-to-face meeting with Biden, who took office in January, signaling the U.S. leader's emphasis on relationships with long-standing allies in Asia.

Moon's trip also came as the Biden administration has completed a months-long policy review on North Korea, setting the stage for what it calls "calibrated and practical" diplomacy aimed at increasing the security of the United States and its allies.

Details of the new U.S. approach remain unclear. But the joint statement signaled that dialogue with North Korea should build on the 2018 agreement between Biden's predecessor Donald Trump and North Korean leader Kim Jong Un, as well as other past commitments.

Moon said the U.S. policy is a "welcome direction" and that he will work to achieve a "virtuous cycle" in which progress in inter-Korean ties will advance the U.S.-North Korea dialogue.

The South Korean president, now in his final year in office, is apparently hoping to leave a legacy with his commitment to pursue inter-Korea peace.

U.S. experts on North Korea have noted the Biden administration may not be working on the same timeline as Moon, as its policy plan indicates an incremental approach toward denuclearization. But Moon insisted that the two countries are on the same page on the issue.

Biden, meanwhile, left open the option of meeting the North Korean leader, saying that for any such talks to take place there would have to be a commitment from Kim "that there's discussion about his nuclear arsenal."

Biden announced during the press conference that Sung Kim, who has served as acting assistant secretary of state for East Asian and Pacific affairs, will serve as U.S. special envoy for North Korea.

While the Biden administration is seeking to enlist U.S. allies to counter China's assertiveness in the region, the joint statement did not explicitly name Beijing apparently because South Korea has been cautious about antagonizing its largest trading partner and an important player in inter-Korea peace talks.

Still, it said the United States and South Korea "oppose all activities that undermine, destabilize, or threaten the rules-based international order" and commit to maintaining a "free and open Indo-Pacific."

It also said that Biden and Moon "emphasize the importance of preserving peace and stability in the Taiwan Strait," where concerns are growing over China's stepped-up military pressure toward Taipei.

Beijing regards Taiwan, a self-ruled, democratic island as a renegade province to be reunited with the mainland, by force if necessary.

Moon highlighted Seoul-Washington cooperation expanding in "new emerging areas that are relevant for the changing times," citing a plan to work to boost global vaccine supplies by bringing together U.S. technologies and South Korea's production capabilities.

The two leaders also agreed to cooperate in industries such as semiconductors, as the Biden administration looks to create what it calls a "secure" high-tech supply chain with an aim of reducing reliance on China.

Four major South Korean companies, including Samsung Electronics Co., the world's largest memory chip producer, announced on Friday plans to invest a total of $39.4 billion in the United States in areas such as semiconductors and batteries for electric vehicles, according to South Korea's Yonhap News Agency.

The leaders also agreed to enhance cooperation to address climate change, with Biden making the issue a key part of his foreign policy efforts and encouraging countries to put forth ambitious goals to cut greenhouse gas emissions by 2030.

Prior to their summit meeting, Biden and Moon took part in a medal-awarding ceremony for a retired U.S. Army colonel who fought in the Korean War, an event that showcased the significance of the bilateral alliance forged during the 1950-53 conflict.