Joint media release with Minister for Trade and Tourism Don Farrell.
This week we are pleased to welcome the Republic of Korea’s Minister for Trade, Dr Cheong Inkyo, to Perth for the 10th Anniversary of the Korea-Australia Free Trade Agreement Joint Committee Meeting, and the Annual Trade Ministers’ Meeting.
The Australia – Republic of Korea economic relationship is highly complementary. Since our trade agreement came into force, two-way trade between our countries has more than doubled, from $33 billion in 2013, to almost $71 billion in 2023, making the Republic of Korea our fourth largest trading partner.
Investment from the Republic of Korea has played an important role in the development of the Australian economy and will continue to do so as we both seek to achieve net zero emissions. In 2023, the total stock of investment from the Republic of Korean in Australia was $29 billion.
More trade and investment means growing the economic pie – more well-paying jobs and more national income. Our trade agreement with the Republic of Korea is a testament to this, supporting almost 165,000 Aussie jobs and contributing approximately $51 billion to our economy.
Minister Cheong In-kyo’s visit is an opportunity to explore areas for further cooperation and collaboration in sectors such as hydrogen, green metals and critical minerals.
Deepening our economic partnership with the Republic of Korea will contribute to the Albanese Labor Government’s Future Made in Australia agenda.
Ministers will also discuss the potential for transporting and permanently storing carbon in our joint fight to achieve net zero. With limited carbon storage capacity, the Republic of Korea is looking to partners like Australia to progress carbon capture and storage (CCS) projects and technology.
This is an important step to support our collective emissions reduction on the pathway to reaching net zero by 2050.
Ministers Farrell and King will also meet with the Australia-Korea Business Council and major business leaders, including the Korean steelmaker POSCO.
Quotes attributable to Minister for Trade and Tourism, Senator the Hon Don Farrell:
“Australia and the Republic of Korea have a longstanding and complementary economic relationship characterised by stability and trust.
“As we mark ten years of our free trade agreement, we are delighted to welcome Minister Cheong In-kyo and his delegation to Perth to discuss how we can continue to build on our important relationship to deliver strong outcomes for Australian and South Korean businesses.
“After all, more trade means more well paying jobs, more national income, more opportunities for businesses and a lower cost of living.”
Quotes attributable to Minister for Resources, the Hon Madeleine King MP:
“Australia has been a long-term and reliable supplier of resources to the Republic of Korea. We look forward to strengthening our partnership through collaboration on critical minerals supply chains, cooperation on CCS, and by boosting regional competitiveness in clean energy technologies.”
