South Korea will host the third Summit for Democracy, an annual virtual summit organized by the US, next year, the leaders of the two countries said Wednesday.

The decision was announced just before the second Summit for Democracy kicked off with the participation of leaders around the world.

“The United States and the Republic of Korea share deep bonds, rooted in our common democratic values and respect for human rights, and we are committed to further strengthening our robust political, economic, security and people-to-people ties,” the statement read.

South Korea’s democratic institutions are a beacon of strength in the Indo-Pacific and demonstrate to the world that democracy fosters the conditions needed to cultivate continued security and prosperity, it added.

US President Joe Biden and South Korean President Yoon Suk Yeol said they are committed to continue their work together to ensure that the momentum built by the first two Summits for Democracy will continue into the future and project global leadership.

The Democracy Summit is a conference body launched by the Biden administration in December 2021, for which it had 111 participants. For this year's event, South Korea, Costa Rica, the Netherlands and Zambia are co-hosting with the US.