South Korea and Australia Strengthen Energy and Mineral Partnerships Amid Global Uncertainty
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Synopsis
On April 13, 2023, South Korea and Australia pledged to enhance their cooperation in energy and critical minerals during a virtual meeting amidst growing global economic uncertainties. This collaboration aims to ensure stable supply chains and reduce dependence on specific countries.
Key Takeaways
- Strengthened cooperation in energy and minerals.
- Focus on stable supply chains amid global uncertainties.
- Collaboration through G20 and multilateral frameworks.
- Potential for clean hydrogen production in Australia.
- South Korea seeks alternative mineral suppliers.
Seoul, April 13 (NationPress) South Korea and Australia have come to an agreement to bolster their bilateral collaboration in vital minerals and energy sectors, aiming to tackle the rising global economic uncertainties, as stated by Seoul's finance ministry on Sunday.
This agreement was formed during a virtual discussion on Friday between South Korea's Finance Minister Choi Sang-mok and Australian Treasurer Jim Chalmers, as reported by the Ministry of Economy and Finance.
Throughout the meeting, both ministers recognized that the increasing unpredictability in the global trade landscape could adversely affect their trade-reliant economies, according to Yonhap news agency.
To mitigate these challenges, they highlighted the necessity of cooperative efforts to guarantee stable supply chains, especially in the energy and critical minerals sectors, and agreed to pursue collaborative initiatives through the Group of 20 (G20) and other multilateral frameworks.
As long-standing partners, South Korea and Australia have committed to collaborating to tackle current issues. The ministry noted that South Korea will continue its close communication with Australia and other significant partner countries.
Australia boasts abundant resources such as lithium, cobalt, liquefied natural gas, and a variety of other natural assets, with tremendous potential for producing clean hydrogen and ammonia due to its favorable climate conditions, according to the ministry.
South Korea is looking to identify new suppliers of essential minerals to lessen its heavy dependence on China.
