South Korea, Australia vow stronger ties on energy, key minerals amid uncertainty

Seoul, April 13 (IANS) South Korea and Australia have agreed to strengthen bilateral cooperation on key minerals and energy sectors as part of broader efforts to navigate deepening global economic uncertainties, Seoul's finance ministry said Sunday.

The consensus was reached during a virtual meeting held Friday between South Korea's Finance Minister Choi Sang-mok and Australian Treasurer Jim Chalmers, according to the Ministry of Economy and Finance.

During the meeting, the two ministers shared the view that increasing uncertainty in the global trade environment could negatively impact their trade-dependent economies, Yonhap news agency reported.

To address such challenges, they emphasized the importance of mutually beneficial cooperation to ensure stable supply chains, particularly in the energy and critical minerals sectors, and agreed to pursue joint efforts through the Group of 20 (G20) and other multilateral cooperative frameworks.

"As long-standing close partners, South Korea and Australia have agreed to work together to overcome current challenges. South Korea will continue to maintain close communication with Australia and other key partner nations," the ministry said in a release.

Australia is rich in lithium, cobalt, liquefied natural gas and various other kinds of natural resources, and it has great potential in producing clean hydrogen and ammonia based on favorable weather conditions, the ministry said.

South Korea seeks to explore new suppliers of major minerals to reduce its heavy reliance on China.

--IANS

int/rs