Top trade officials of South Korea and Australia discussed ways Thursday to enhance bilateral trade and investment, particularly in supply chains of key minerals, Seoul’s industry ministry said.
During the meeting in Seoul, Trade Minister Ahn Duk-geun told his Australian counterpart, Don Farrell, that the two nations have complementary and mutually beneficial trade and industry structures and their 8-year-old Free Trade Agreement has greatly expanded bilateral exchanges.
South Korea exports petro products and vehicles to Australia, and Australia is a major supplier of coal, natural gas, minerals, agriculture and livestock products for South Korea.
Bilateral trade has been growing, rising from US$29.49 billion in 2019 to $42.67 billion last year, according to government data.
Ahn, in particular, called for enhanced cooperation on supply chains of such key minerals as lithium and nickel, as the country has sought to explore new suppliers of major minerals to reduce its heavy reliance on China in a move to better respond to the U.S.’ Inflation Reduction Act (IRA).
Farrell stressed his commitment to strengthening cooperation on their supply chains and voiced hope for continued consultations on various pending issues at regular gatherings down the road, the ministry said.
Stable supplies of key minerals between the two nations were a key agenda item during a business roundtable held in Seoul the previous day, which was attended by Farrell, South Korea’s Industry Minister Lee Chang-yang and officials of around 20 companies from the two nations, including Hyundai Motor Co., Samsung SDI Co., Australian Strategic Materials Ltd. and Arafura Resources.
Source: Yonhap News Agency