AKBC e-Newsletter June & July

AKBC - E-NEWSLETTER JUNE & JULY

The Time is Now

In recent months, the strategic importance of the Australia-Korea bilateral relationship has become unmistakably clear. Our recent AKBC delegations to both Canberra and Korea highlight the potential for our two like-minded nations to deepen ties as leaders in the global energy transition.

This sentiment is reinforced by the increased frequency of ministerial visits in both directions. Currently, Foreign Minister Penny Wong is visiting Korea, a move that underscores the heightened commitment at the ministerial level to strengthen and broaden our bilateral relations.

Our partnership is evolving beyond traditional domains such as iron ore and LNG, embracing future fuels like hydrogen and lithium, as well as rare earths essential for high-tech industries. This forward-looking agenda is critical as both countries navigate a global landscape marked by rapid geopolitical shifts, technological advancements, and an expanding defence and security alliance.

With burgeoning trade and investment opportunities, our defence and security ties are also strengthening. This is highlighted by Korea's interest in potentially joining AUKUS Pillar Two and the participation of two Korean firms in the competition to build general-purpose frigates for Australia under the SEA 3000 program. These initiatives reflect our shared commitment to regional security and technological cooperation.

As our strategic interests increasingly align, advocating for both nations to join an expanded G7, transitioning it to G9, becomes the next logical step. This expansion would significantly enhance our influence on global economic policies and reinforce our commitment to multilateral economic stability.

We eagerly anticipate continuing the dynamic conversations initiated in Canberra and Korea at the upcoming 45th AKBC-KABC Joint Meeting in Perth from 1-3 September. The participation of two Australian Ministers, a Korean Minister, and Premier Roger Cook strongly underscores the recognition of this relationship's growth potential by both governments. We will also celebrate the 10th anniversary of the Korea-Australia Free Trade Agreement. With sessions for both members and non-members, the Joint Meeting will serve as a vital platform for key figures within the bilateral relationship to come together to advance our collaborative efforts and establish strategic directions for the future. We hope to see you there!

Sincerely, 

Liz Griffin

CEO

Australia-Korea Business Council