Australia-ROK Comprehensive Strategic Partnership Trade Ministers' Meeting

Today in Seoul I met with the Republic of Korea’s (ROK) Minister for Trade, Dr Ahn Dukgeun, for the inaugural Australia-ROK Trade Ministers’ Meeting under our Comprehensive Strategic Partnership.

Australia and Korea are longstanding and natural partners.

Our bilateral relationship is underpinned by a shared vision for an open, prosperous and resilient Indo-Pacific.

The ROK is Australia's fourth-largest two-way trading partner, and growing our economic, trade and investment ties with the ROK is a key priority for the Australian Government. 

During our meeting, Minister Ahn and I discussed the many opportunities for future cooperation, including securing critical minerals supply chains, expanding high-quality agricultural exports, and collaborating in new fields like biotechnology, artificial intelligence and robotics.

We agreed that the Korea-Australia Free Trade Agreement (KAFTA) is critically important in helping Australian and Korean businesses expand and compete globally, and that open markets play a positive role in enhancing our countries’ energy and food security. 

We also agreed on the importance of strengthening the global rules-based system through WTO reform. 

I reaffirmed Australia’s commitment to remain a stable, secure, and reliable supplier of energy to the ROK.

Our discussion made clear that there is also incredible potential for our countries to cooperate to develop the technologies, like hydrogen, that will accelerate the transition of our economies to net zero emissions by 2050. 

I thank Minister Ahn for a productive meeting. I look forward to working with him to take forward initiatives discussed today, and to identify further opportunities for collaboration.