Ministry of Trade, Industry and Energy

In commemoration of this year marking the 10th anniversary of the Korea-Australia Free Trade Agreement (FTA)’s entry into force, Minister for Trade Inkyo Cheong is visiting Perth through September 1–3 to attend the sixth Korea-Australia FTA Joint Committee meeting and sign the memorandum of understanding (MOU) between the Ministry of Trade, Industry and Energy (MOTIE) and the Government of Western Australia on clean energy cooperation. He also engaged in a business exchange between the two countries for enhancing cooperation in critical minerals and clean energy.

First, Trade Minister Cheong and Australia’s Trade and Tourism Minister Don Farrell held the sixth Korea-Australia FTA Joint Committee meeting to assess how their FTA has strengthened bilateral trade and economic cooperation and discussed both sides’ issues regarding the FTA implementation of the trade of goods and services, as well as investment. 

This was followed by the Korea-Australia Annual Trade Ministers’ Meeting, where the two trade chiefs discussed measures to deepen both bilateral and multilateral economic cooperation in energy, carbon neutrality, critical minerals supply chain, the World Trade Organization (WTO), and Asia-Pacific Economic Cooperation (APEC). 

During talks with Australia’s Minister for Resources and Minister for Northern Australia Madeleine King, Trade Minister Cheong discussed mutually beneficial cooperation concerning liquefied natural gas (LNG), critical minerals, and carbon capture and storage (CCS). He also asked for support towards Korean firms investing in the Australian market.

Meanwhile, the Korean trade leader and Western Australia Premier Roger Cook signed a MOTIE-Western Australia MOU on the development and processing of clean energy. Western Australia is rich in critical minerals and has vast potential for clean hydrogen and ammonia production, leading to anticipation that the MOU will advance bilateral energy collaboration in various areas including critical minerals, hydrogen, CCS, and renewables.

At the 45th Korea-Australia Economic Cooperation Committee (ECCC) meeting held to promote private sector business exchange, Trade Minister Cheong highlighted the importance of forward-looking cooperation in supply chains, clean economy, digital, and defense in order to upgrade the two countries’ cooperation amid recent global uncertainties. He ensured that the Korean government will closely support efforts to foster a more stable trade and investment environment for both countries’ businesses.