Media Release
Wednesday, 24 September 2003 - MVT75/2003
Australia And Korea To Explore New Directions In Trade
Australia and Korea are poised to take advantage of innovative trade opportunities to boost economic ties between the two major trading partners, Trade Minister Mark Vaile said today.
Mr Vaile joined Korean Trade Minister Hwang Doo-yun for talks at the third Australia-Korea Ministerial Joint Trade and Economic Commission meeting on the Gold Coast today.
"Korea is one of Australia’s top customers for Australian commodity exports and elaborately transformed manufactures," Mr Vaile said.
"Korea is Australia’s third biggest importer of Australian goods and services in the world - surpassed only by Japan and the United States - with exports valued at more than $9 billion in 2002-2003.
"Australia’s traditional trade with Korea in energy resources, such as coal and LNG, valued at more than $6 billion, is expanding as the Korean economy and its demand for energy continues to grow. In both coal and LNG, Australia is a major world player and has the capacity and experience to be a reliable supplier to meet Korean energy needs."
Recent studies of the Australia-Korea trade relationship have shown there is high potential for industry collaboration in new technologies, including ICT, biotechnology and waste management.
"Australia’s research and development strengths are a good match for Korea’s financial clout with the very real possibility of significant commercial spin-offs resulting," Mr Vaile said.
"With globalisation, Australian services companies, especially in the business advisory, venture capital and infrastructure financing sectors will be increasingly competitive in Korea as demand for these services expands.
"In addition to exploring new opportunities for bilateral trade and investment, I look forward to discussing with Minister Hwang the prospects for the global trading rules system after Cancun, reform of APEC, and efforts to promote more openness and competitiveness in Asian financial markets."
The 25th joint meeting of the Australia-Korea/Korea Australia Business Councils will be held tomorrow.
Contact: Matthew Doman 02 6277 7420