Media releases
Wednesday, 17 July 2002 - MVT078/2002
Expanding and Strengthening the Australia-Korea Economic and Trade
Partnership
Australian companies, particularly in business services, venture
capital and IT delivery, should look to the Korean market as demand
for new-economy services expand, Trade Minister Mark Vaile said today.
Mr Vaile today addressed the 4th Australia-Korea Forum
which is being held in Hobart from 16-18 July.
“While Australia’s traditional commodity-based trade relationship
with Korea has worked well in the past, both countries are ready to
enter a new and exciting phase of their economic partnership in response
to global economic and technological changes,” Mr Vaile said.
“The strength of the Republic of Korea and Australian economies holds
out good prospects for expansion into new areas such as telecommunications,
technology and education.”
More than 50 delegates from Australia and the ROK are participating
in the Forum, representing the depth and diversity of the Australia-Korea
relationship. Eminent Australian and Korean business leaders and
opinion-makers will discuss global economic and technological changes
and identify opportunities to expand the Australia-Korea economic
and trade partnership.
“Our bilateral trading relationship with Korea has developed rapidly
since the 1960s and the ROK is now Australia’s fourth largest trading
partner,” Mr Vaile said.
“Trade in agricultural goods is increasingly promising following
Korea’s acceptance of its World Trade Organisation commitments on
beef imports. Korea is now Australia’s third largest beef market.
“The Australian Government is also committed to expanding the energy
partnership with the ROK, including the Australian supply of LNG to
meet Korea’s growing, long-term energy needs.”
Two-way trade reached $14 billion last year. Tasmania alone exports
more than $180 million worth of products to Korea, including dairy
products, seafood, ores and concentrates, processed metal and metal
products, and wood and paper products. Tasmania also provides world-class
fast passenger ferries and related equipment to Korea.
“This Forum builds on the Australia–Korea Strengthened Economic Partnership
Study, which I launched last year, and my visit to the ROK in April
this year. It is an important vehicle through which to develop stronger
economic, trade and investment links between our two countries,” Mr
Vaile said.
Media Contact: Mark Croxford +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 13:47:28 EST
