Trade and investment the foundation of Australia and Korea's bilateral relationship
'Australia-Korea: Partnership for the Future' Launch
Media release
23 April 2010
“Trade and investment between Australia and Korea will continue to serve as the foundation of the bilateral relationship”, Parliamentary Secretary for Trade Anthony Byrne said today.
Mr Byrne gave a keynote address at the launch of the Australia-Korea Business Council (AKBC) publication “Australia and Korea — Partnership for the Future 2010” in Sydney.
“Our complementary strengths will continue to provide the basis for our economic engagement, with Australia's resources providing the inputs for Korea's manufacturers”, Mr Byrne said. “There is great potential for growth in the traditional resources and energy trade, as evidenced by recent LNG supply agreements”.
Mr Byrne highlighted the potential for an expansion of trade and investment into new areas. “New opportunities are opening up. New technologies, including in renewable energy, energy efficiency and low-carbon emissions offer exciting areas for collaboration and joint development”.
“Both our economies are increasingly dominated by the services sector, another area where our economic cooperation can expand. Further liberalisation in the services market, including through the successful negotiation of a bilateral FTA, will offer opportunities for education, legal, architectural and financial service providers.
Mr Byrne noted that two-way investment is expanding. He said “Australia welcomes Korean investors, and encourages them to look beyond the established resources investments into new areas, such as agriculture”.
Mr Bryne emphasised that the Australia-Korea relationship is much broader than trade and investment. “Australia and Korea are working closely together in international and regional fora to achieve shared goals across a broad range of issues. We are working particularly closely in the G20 to ensure a strong, sustained global recovery”, Mr Byrne said.
“Australia and Korea are also broadening and deepening cooperation in areas such as security and development assistance,” Mr Byrne said.
Mr Byrne praised the AKBC for its continued work in strengthening linkages between the two countries' business communities.
Korea is Australia's third-largest export market and fifth-largest two-way trading partner.
Media inquiries
- Alex White 02 6277 4309 (Mr Byrne's office)