According to Newsis,
The Ministry of Trade, Industry, and Energy (MOTIE) said Korean Trade Minister Yoo Myung-hee met with Australian Trade Minister Dan Tehan at Four Seasons Hotel Seoul on July 19.
The Ministers discussed cooperation on devising digital trade rules in the Asia Pacific region, and further cooperation on stabilizing supply chain of key minerals.
Trade Minister Yoo emphasized the importance of establishing a new digital framework to regulate various digital issues, especially due to accelerated digital transformation brought by the COVID-19 pandemic, and mentioned Korea's active participation in related discussions.
She explained that the negotiations on the Korea-Singapore Digital Partnership Agreement (KSDPA), Korea's first digital trade agreement, are underway with a target of signing within this year, and internal process to join the Digital Economy Partnership Agreement (DEPA), a multilateral digital agreement, reached the final stage.
Minister Yoo, referring to Australia's engagement in discussion with regional countries to build a digital agreement, expressed expectation for continued cooperation in forming a framework of digital rule and cooperation to be led by the Asia Pacific region.
In addition, she stressed Korea has been currently concentrating on future industries such as semiconductor, battery, and electric · hydrogen vehicle while making efforts to build green supply chains from 'raw material → materials · components → storage · recycling'.
She expressed expectation of facilitating joint technological development, cooperation between companies, and mutual expansion of investment through the recently established Korea-Australia Mineral Resources Cooperation Committee.
Australian Trade Minister Dan Tehan said “Australia is accelerating its investment, R&D and infrastructure establishment with a vision to become a world leader in the field of mineral exploration, mining, production and processing,” suggesting to build a business model utilizing strength of two countries.
Trade Minister Yoo also asked to identify specific fields of cooperation, reminding consensus between the leaders of the two countries on the need to cooperate on low carbon technologies that was shared at Korea-Australia Summit held on the sidelines of the 2021 G7 Summit in June.
The two trade ministers agreed to keep making efforts so that the Korea-Australia FTA can contribute to economic recovery, suffering from the COVID-19, and further collaborate on an array of issues like trade and public health, and trade and environment, which are also on the agenda of multilateral bodies.
Copyrights Newsis. All Rights Reserved.
Reprint or redistribution without permission is prohibited.
keg@newsis.com
Source: Newsis (July 19, 2021)
** This article was translated from Korean.