Enhanced Bilateral Security Cooperation Between South Korea and Australia

Strategic Insights -

South Korean President Lee Myung-bak and Australian Prime Minister Kevin Rudd strengthened bilateral relations through a summit in Canberra, announcing the start of official free trade talks and promising cooperation in counter-terrorism, non-proliferation, and military exchanges. The two leaders expressed strong opposition to protectionism and agreed to hold annual foreign minister meetings to address regional and global issues. They also discussed the global economic downturn and North Korea's nuclear issues.

Key Takeaways:

  • South Korea and Australia agreed to enhance bilateral security cooperation, including counter-terrorism, non-proliferation, and military exchanges.
  • The two countries pledged to cooperate in global disarmament and non-proliferation of weapons of mass destruction.
  • They agreed to hold annual foreign minister meetings to develop opportunities for cooperation and address regional and global issues.
  • The leaders expressed strong opposition to protectionism and discussed the global economic downturn.
  • They announced the start of official negotiations for a free trade agreement (FTA), which is expected to provide significant economic gains for both countries.
  • Trade volume between Australia and South Korea reached over US$23 billion last year, with Australia being the seventh-largest trading partner of South Korea.

Statistics:

  • Trade volume between Australia and South Korea reached US$23 billion in 2008.
  • Australia is the seventh-largest trading partner of South Korea.
  • The Korea-U.S. FTA, signed in 2007, is currently awaiting ratification from both nations' legislatures.
  • The joint statement mentioned the exploration of Airborne Early Warning and Control aircraft.
  • The negotiations for a free trade agreement between South Korea and Australia are expected to start within the first half of the year.

Sources:

  • "Asia Pulse - South Korean President Lee Myung-bak and Australian Prime Minister Kevin Rudd Agree to Enhance Bilateral Security Cooperation"
  • "Yonhap" (reporter Luna Lee, dated March 5)