The Korea Trade-Investment Promotion Agency (KOTRA) announced on the 31st that it had newly signed a Memorandum of Understanding (MOU) with the Australian Trade and Investment Commission (Austrade) on the 30th at the Gyeongju Asia-Pacific Economic Cooperation (APEC) Economic Exhibition Hall to strengthen cooperation in future industries between Korea and Australia.
This agreement marks a comprehensive revision for the first time in 37 years since the initial signing in 1988. It aims to expand cooperation in advanced industries and stabilize supply chains between the two countries in response to rapidly changing global trade conditions.
KOTRA and the Australian Trade and Investment Commission (Austrade) signed a Memorandum of Understanding (MOU) on the 30th at the Gyeongju APEC Economic Exhibition Hall to establish a future industry cooperation system between Korea and Australia in line with the APEC Summit. KOTRA President Kang Kyung-sung (left) and Austrade President Paul Grimes (right) are taking a commemorative photo immediately after signing the MOU. Photo by KOTRA
Australia is rich in key mineral resources such as lithium, nickel, cobalt, and rare earth elements, and cooperation is also active in clean energy sectors including hydrogen, wind, and solar power. Through this agreement, KOTRA plans to expand the scope of cooperation beyond existing resources like LNG and iron ore to include advanced technology, infrastructure, and defense industries.
The new agreement has been reorganized around three main pillars: expanding areas of cooperation, diversifying cooperative activities, and resuming regular consultative meetings. The fields of cooperation will be broadened to include renewable energy, critical minerals, infrastructure, defense and space, advanced manufacturing, healthcare and biotechnology, and agri-food. Concrete support will also be strengthened through trade fairs, economic delegations, and supply chain cooperation. Notably, the agreement also includes joint entry into third-country markets such as Southeast Asia and the Indo-Pacific region.
In addition, the regular consultative meetings, which had been suspended since 2008, will resume in Australia in 2026 and will be held alternately every two years. Working-level meetings to review the implementation of the agreement will also be institutionalized on an annual basis.
KOTRA President Kang Kyungsung stated, "This agreement is symbolic in that it redesigns the cooperative relationship between the two countries with a focus on future industries," adding, "Taking the opportunity of the APEC Summit, we will develop this into an economic cooperation platform that leads to practical collaboration between companies in both countries."
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