Minister of Foreign Affairs and Trade of Republic of Korea Yu Myung-hwan met with Australian Minister for Foreign Affairs Stephen Smith on January 23. He discussed high-ranking officials’ reciprocal visit and ways to strengthen bilateral cooperation in a variety of areas including security, economy and trade. He also had in-depth discussions on the political situation in the South Pacific region as well as in Northeast Asia, including North Korea’s nuclear issue, and ways to jointly deal with the global financial crisis.

The two Ministers appreciated the steady increase in the trade and investment between Korea and Australia. They hoped the strengthening of bilateral economic and trade relations will help both countries overcome the economic crisis by producing mutual benefit. They also expected the Korea-Australia FTA to further enhance economic and trade relations between the two countries.

The two Ministers shared the view that close cooperation to pan-global issues, security and national defense is essential for Korea and Australia to develop into core partnership in the region. They agreed to strengthen substantive cooperation in the aforementioned areas.

Noting the importance of Australia as number one trade and investment partner of Korea in the field of mineral resources, Minister Yu expressed hope to further enhance bilateral cooperation in the areas of resources and energy as well. Minister Smith hoped for close cooperation between the two countries in the aforementioned areas.

Minister Yu appreciated Australia’s interest in North Korea’s denuclearization and security and peace on the Korean Peninsula and its contributions to such issues. In this regard, Minister Smith expressed active support in Korea’s position on the North Korea’s nuclear issue and inter-Korean relations.

The two Ministers noted close cooperation between Korea and Australia in jointly dealing with the global financial crisis on the sidelines of the 1st financial summit. They pledged continued cooperation between Korea, the chair of G20, and Australia, a member of G20, in a bid to produce substantive achievement for stabilization of the financial market and economic recovery.