'10th Anniversary of Fermentation' Korea-Australia FTA... Strengthening Cooperation on Critical Minerals and Clean Energy

6th Korea-Australia FTA Joint Committee

On the 10th anniversary of the Korea-Australia Free Trade Agreement (FTA), the governments of both countries have decided to further strengthen cooperation in critical minerals and clean energy.

The Ministry of Trade, Industry and Energy announced on the 2nd that Jeong In-gyo, the Director-General for Trade Negotiations, visited Perth, Australia from the 1st to the 3rd to hold the 6th Korea-Australia FTA Joint Committee meeting. During the visit, they signed a Memorandum of Understanding (MOU) on clean energy between the Ministry and the Government of Western Australia, aiming to enhance cooperation in critical minerals and clean energy through exchanges with companies from both countries.

First, Director-General Jeong held the 6th Korea-Australia FTA Joint Committee meeting with Don Farrell, Australia’s Minister for Trade, to evaluate the strengthening of economic cooperation, including increased trade through the FTA, and discussed mutual interests related to the implementation of the FTA in areas such as goods trade, services trade, and investment. In a separate meeting with Minister Farrell, they discussed ▲ energy and carbon neutrality ▲ critical minerals supply chains ▲ and ways to strengthen bilateral and multilateral economic cooperation through organizations such as the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC). In a meeting with Madeleine King, Australia’s Minister for Resources, they discussed mutually beneficial cooperation in the energy and resources sectors, including liquefied natural gas (LNG), critical minerals, and carbon capture and storage (CCS), and requested support for Korean investing companies.

Additionally, Director-General Jeong signed the 'Ministry of Trade, Industry and Energy - Western Australia Clean Energy Development and Processing MOU' with Roger Cook, Premier of Western Australia. A ministry official stated, "Western Australia is considered a treasure trove of critical minerals and a region with great potential for clean hydrogen and ammonia production based on abundant solar and wind resources." They added, "With this MOU, we expect energy cooperation with Western Australia to advance in various fields such as critical minerals, hydrogen, carbon capture and storage (CCS), and renewable energy."

Furthermore, Director-General Jeong attended the 45th Korea-Australia Economic Cooperation Committee meeting, stating, "In the midst of recent global uncertainties and crises, it is important to strengthen future-oriented cooperation in areas such as supply chains, clean economy, digital technology, and defense to take bilateral cooperation to the next level." He also said, "The government will closely support creating a more stable trade and investment environment for companies from both countries."