1. The 7th meeting of the Korea-Australia Joint Economic Committee was held virtually on Wednesday, July 21, between the Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs of the Republic of Korea, Lee Seong-ho, and the Acting Deputy Secretary for Indo-Pacific Group of the Department of Foreign Affairs and Trade of Australia, Elly Lawson.

2. The meeting, which was held for the first time in seven years since the 6th meeting in 2014 in Canberra, served as an opportunity to enhance each other’s understanding of Korea’s New Southern Policy and Australia’s Indo-Pacific Strategy and exchange in-depth views on matters of mutual interest including trade, investment, critical minerals, renewable energy, climate technologies, and infrastructure.

3. In particular, both sides acknowledged the successful Korea-Australia Summit in Cornwall on June 12, held on the sidelines of the G7 Summit, and emphasized the importance of follow-up measures to further consolidate bilateral economic relations in potential areas of cooperation that were discussed during the summit such as critical minerals, hydrogen, and low emissions technology.

4. On climate change, the two sides shared the view that accelerating the development of innovative and new technologies is key to successfully achieving carbon neutrality and transition to a low-carbon economy. Against this backdrop, the two sides agreed that Korea and Australia, building on the long-standing cooperation in the fields of minerals and natural gas, will seek to expand the scope of cooperation to include hydrogen as well as other clean and renewable energy sources.

° In light of the foregoing, both sides introduced their respective national strategies aimed at energy transition and agreed to further review the potential for various cooperative projects including the 「Low Emissions Technology Partnership」proposed by the Australian side.

5. Furthermore, the two sides shared the consensus that Australia, with its rich deposits of critical minerals such as nickel, lithium, and rare earths, and Korea, with its leading position in the production of EV batteries and chips, can draw on each other’s strengths and jointly contribute to increasing resilience in supply chains in key areas including minerals and natural resources.

6. Both sides also reviewed the overall progress in other agenda items between the two countries including digital economy, artificial intelligence (AI) technology, and space exploration, and discussed concrete measures to further promote cooperation in each area.

7. The two sides appreciated with satisfaction that Korea and Australia, both key middle powers in the international community with shared faith in democracy, free trade, and multilateralism, are closely coordinating in the international fora such as the WTO, the G20 and APEC. Both sides reaffirmed the shared commitment to working closely together in overcoming numerous global challenges.

8. As this year marks the 60th anniversary of the establishment of diplomatic relations between Korea and Australia, the meeting is considered to have provided a timely opportunity to review the achievements that the two countries have accumulated over the past 60 years and to explore emerging areas of cooperation, ushering in a future of shared prosperity.