Korea and Australia issued a joint statement on energy security Thursday, pledging to work together to maintain key energy supplies to each other.
The Ministry of Foreign Affairs released the statement ahead of a meeting between the two countries' foreign ministers.
Australia is Korea's largest supplier of liquefied natural gas (LNG) and a major supplier of condensate and critical minerals, while Korea is a major supplier of refined petroleum products and diesel to Australia. The statement calls for cooperation to ensure mutual energy supply.
Foreign Minister Cho Hyun met with Australian Foreign Minister Penny Wong at the Government Complex in Seoul on the same day to discuss energy security and other pending issues. The two ministers agreed that cooperation between the two countries, which have maintained complementary energy supply chain relations, is crucial at a time when global energy supply chains are being disrupted by the recent war in the Middle East.
The two ministers also discussed ways to strengthen defense industry cooperation. They noted that defense cooperation between the two countries is actively progressing, as demonstrated by Korean defense firm Hanwha Aerospace (012450.KS) establishing its first overseas production base in Australia. They expressed hope that future-oriented defense and arms industry cooperation between the two countries can continue to deepen based on Korea's excellent technological capabilities.
The two sides also agreed to consult on matters of mutual interest through high-level exchanges, including the Korea-Australia Foreign and Defense (2+2) Ministerial Meeting and Strategic Dialogue, this year marking the 65th anniversary of diplomatic relations and the fifth anniversary of the upgrade to a "Comprehensive Strategic Partnership."
Meeting with Korean reporters that day, Wong said, "Through diesel and aviation fuel imported from Korea, Australia maintains a structure that allows it to export various raw materials, including LNG, to regional countries including Korea." She added, "Minister Cho and I shared the recognition that it is important to play the role of trusted energy supply partners for each other."
Regarding Korea's efforts to introduce nuclear-powered submarines, Wong said, "The Australian government welcomes Korea's active role in regional security."
