Australia and Korea: Shared interests and challenges
Australian Ambassador to Korea, Bill Paterson PSM briefs Asia Society members and guests on Korean economy and bilateral ties
31 July, 2015
In an extensive briefing to the Asia Society Australia members and guests, Australia’s Ambassador to the Republic of Korea, H.E. Mr Bill Paterson PSM summarised the key issues affecting Korean economy and politics and assessed the current state and prospects for the Australia-Korea relationship.
Australia and Korea continue to be complimentary economic partners with shared regional and global interests. The ROK is Australia's fourth-largest overall trading partner (total two-way trade was worth around $30.5 billion in 2012-13, which constitutes 5% of all of Australia's international trade).
Both countries face significant challenges of adjustment and innovation, as their traditional economic strengths are challenged by the new and existing economic players and changing global and regional economic conditions.
Australia-Korea relationship has been given a major boost with the concluson of the negotiations for the Korea-Australia Free Trade Agreement (KAFTA) in 2014. KAFTA is one of Australia’s most comprehensive trade agreements, which will bring significant improvements in market access and tariff liberalisation for merchandise trade. KAFTA presents an opportunity to expand and diversify the bilateral economic partnership.
The policy briefing is generously sponsored by KPMG under our 'Policy Briefing' series which provides Asia Society members and guests with an excellent opportunity to learn first-hand about the political and economic dimensions of Australia's most important relationships in Asia. The briefing was held under the Chatham House Rule.