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Media release

Australian Minister for Trade, Mark Vaile

Friday, 29 June 2001

Vaile Holds Talks with DPRK Foreign Minister

Australia would support further business missions to North Korea as it moved to open its markets, Trade Minister Mark Vaile told Democratic People's Republic of Korea Foreign Minister, Paek Nam-sun during talks in Canberra today.

Mr Vaile highlighted Australian mining, energy and agricultural expertise and outlined the Government's efforts to support Australian companies wishing to trade with or invest in the DPRK.

"Mr Paek is a senior member of the North Korean cabinet and I discussed with him ways to forge stronger links between our two countries and to pursue greater North Korean participation in the international economic community," Mr Vaile said.

"I underlined to Mr Paek the importance of practical steps which would help North Korea participate in regional economic forums."

Mr Paek is visiting Australia between 28 and 30 June to meet senior Government leaders in Canberra and in Sydney.  He will also visit a Southern Tablelands farm to see Australian agricultural practice in action.

Mr Vaile said Austrade had sponsored business missions to the DPRK to explore opportunities in energy, mining, agriculture and infrastructure services sectors. 

"We are willing to support further missions as North Korea moves to open its markets.  In coming months we will be looking further at the energy sector and, in a new direction, banking and investment practice.  We now look to the North Koreans to demonstrate that we can develop reliable commercial partnerships," Mr Vaile said.

Mr Vaile said Australia and the DPRK would continue to discuss the scope for an investment promotion and protection agreement. 

"While it is still very early days in our commercial links with the DPRK, I am keen to see avenues explored for providing a sound framework for growth in the market.  Such an Agreement may eventually be a useful tool," Mr Vaile said.

Contact:
James Baker on 02 6277 7420

MVT95/2001