ANA6
PRIME MINISTER
FOLLOWING IS TEXT OF SPEECH GIVEN BY PRIME MINISTER TO
KOREAN ECONOMIC ORGANISATIONS ON 6 FEBURARY 1984.
PLEASE NOTE THIS TEXT SUPERCEEDES THAT FORWARDED IN O. TK36828
OF 2 FEBRUARY 1984.
BEGINS: MR PRIME MINISTERv
I WAS VERY PLEASED TO ACCEPT THE INVITATION
OF THE FOUR KOREAN ECONOMIC -ORGANISATIONS TO ADDRE-SS
THIS DISTINGUISHED AND REPRESENTATIVE GROUP.
YOU ARE ALL AWARE OF HOW THE ECONOMIC AND TRADING
RELATIONSHIP BETWEEN OUR TWO COUNTRIES HAS EXPANDED IN RECENT
YEARS.' IT IS A RELATIONSHIP THAT IS BECOMING INCREASINGLY IMPO* RTANT
TO BOTH OUR COUNTRIES.
IT IS ADDING A NEW AND VIGOROUS DIMENSION TO A POLITICAL
RELATIONSHIP THAT EXTENDS BACK OVER MANY YEARS.
THAT THIS SHOULD BE HAPPENING IN PART REFLECTS THE STRENGTH OF THE
REPUBLIC OF KOREA'S OWN ECONOMIC PERFORMANCE DURING THE PAST
DECADE.
THAT PERFORMANCE HAS BEEN IMPRESSIVE BY ANY STANDARDS.
YOUR CONTINUING ECONOMIC ECONOMIC SUCCESS IS A CLEAR MANIFESTATION
OF WHAT PEOPLE ARE GENERALLY COMING TO APPRECIATE AS. THE ECONOMIC
DYNAMISM OF THE WESTERN PACIFIC REGION.
FOR'COUNTRIES SUCH AS AUSTRALIAt KOREA'S VIGOROUS ECONOMIC GROWTH
HAS PRESENTED MAJOR TRADE OPPORTUNITIES.
TRADE NOW CONSTITUTES A MAJOR ELEMENT IN THE AUSTRALIA/ KOREA
RELATIONSHIP. THIS HAS NOT ALWAYS BEEN THE CASE.
STRONG POLITICAL TIES WERE ESTABLISHED SOON AFTER THE FOUNDATION
OF THE REPUBLIC OF KOREA IN 1948 AND THESE WERE REINFORCED BY OUR
ASSOCIATION IN THE KOREAN WAR. FOR A LONG TIME THE EMPHASIS IN THE
RELATIONSHIP WAS ON AUSTRALIAN SUPPORT FOR THE PEOPLE OF THE
REPUBLIC OF KOREA IN THEIR EFFORTS To BUILO A SECURE AND STABLE
SOCIETY. THIS SUPPoRT CONTINUES.
AUSTRALIA'S REVULSION AT THE SHOOTING DOWN OF KOREAN AIRLINER FLT
007 AND THE RANGOON ATROCITY WAS DEEP AND STRONGLY FELT.
IT IS WITHIN THIS FIRM FRAMEWORK OF ' A CLOSE POLITICAL RELATIONSHIP
THAT TRADE BETWEEN OUR COUNTRIES HAS DEVELOPED AND FOURISHED.
INDEED THE GROWING TRADE RELATIONSHIP HAS SERVED TO REINFORCE
AND GIVE MORE SUBSTANCE TO THE ALREADY IMPORTANT POLITICAL RELATIONSHIP
BETWEEN OUR COUNTRIES.
ORGANISATIONS SUCH AS YOURS AND BODIES LIKE THE AUSTRALIA/ KOREA
AND KOREA/ AUSTRALIA BUSINESS CO-OPERATION COMMITTEES HAVE CONTRIBUJTED
SIGNIFICANTLY TO THE VIGOUR OF OUR TRADING
RELATIONSHIP. THE RAPID GROWTH IN THE REPUBLIC OF KOREA'S ECONOMY. HAS PROVIDED A
STRONG STIMULUS FOR THE DEVELOPMENT OF AUSTRALIA/ KOREA TRADE.
BILATERAL TRADE HAS EXPANDED RAPIDLY DURING THE PAST DECADE TO
REACH DLLRS 1.1 BILLION IN 1982/ 83. ' DURING THIS SAME PERIOD
AUSTRALIA'S EXPORTS TO KOREA HAVE DROWN AT AN AVERAGE ANNUAL RATE-OF
32 PERCENT AND OUR IMPORTS BY 40 PERCENT.
KOREA IS NOW RANKED FIFTH AMONGST AUSTRALIA'S, EXPORT MARKETS AND IS
A MAJOR DESTINATION FOR OUR COAL, BEEF9 IRON ORE? SUGAR AND WOOL.
THIS SITUATION UNDERLINES THE GROWING COMPLEMENTARITY OF OUR
TWO ECONOMIESi WITH AUSTRALIAN BEING A COMPETITIVE AND RELIABLE
SOURCE OF THE RAW MATERIALS AND AGRICULTURAL PRODUCTS REQUIRED BY
THE GROWING KOREAN ECONOMY.
THIS OBVIOUSLY IS OF CRITICAL RELEVANCE TO KOREA'S DEVELOPMENT
NEEDS. IN THIS REGARD AUSVTRALIA IS PARTICULARLY MINDFUL OF KOREA'S
ENERGY REQUIREMENTS.
AUSTRALIA OF COURSE HAS THE CAPACITY TO SUPPLY LARGER QUANTITIES
OF COAL TO THE ROK AND POSSIBLY COULD SUPPLY GAS IN THE FUTURE.
KOREA ALSO HAS A CONTRACT FOR THE SUPPLY OF AUSTRALIAN URANIUM.
AUSTRALIA CLOSELY FOLLOWS THE MARKET FOR ITS RESOURCES IN KOREA AND)
PLACES IMPORTANCE ON BEING A RELIABLE LONG-TERM SUPPLIER.'
AUSTRALIA IS THEREFORE ABLE TO MAKE AN IMPORTANT CONTRIBUTION TO
UNDERWRITING THE REPUBLIC OF KOREA'S ENERGY SECURITY.
IT HAS NOT? HOWEVER, BEEN ALL SMOOTH SAILING IN THE AUSTRALIA/ KOREA
TRADE RELATIONSHIP. THE RECESSION HAS CAUSED AUSTRALIAN
MANUFACTURING INDUSTRIES PARTICULAR DIFFICULTIES. THERE HAS AT THE
SAME TIME BEEN PARTICULAR CONCERN AMONG SOME INDUSTRIES ABOUT THE
LEVEL AND CHARACTER OF IMPORT-COMPETITION. AS WELL THE NUMBER OF
ANTI-DUMPING CASES AND DEVELOPING COUNTRY TARIFF PREFERENCE CASES
BROUGHT FORWARD BY AUSTRALIAN INDUSTRY ROSE IN THE PERIOD. WITH THE
RECENT STREAM-LINING OF ADMINISTRATIVE PROCEDURES, IMPROVED
AUSTRALIAN ECONOMIC GROWTH PERFORMANCE AND STRONGER WORLD MARKET
CONDITIONS, I SHOULD EXPECT SOME ALLEVIATION OF THESE PRESSURES.
A NUMBER OF DECISIONS TAKEN HAVE, I KNtO. W, CAUSED CONCERN IN K( OREA.
I~ WOULD SIMPLY OBSERVE THAT THERE HAVE BEEN SIGNIFICANT EXCEPTIONS
SUCH AS THE RETENTION OF PREFERENCES ON STEEL.
FOR ITS PART AUSTRALIA HAS ITS OWN ACCESS PROBLEMS IN THE KOREAN
MARKET. WE, FOR EXAMPLE, WOULD WELCOME LIBERALISATION OF THE KOREAN
GRAIN IMPORT REGIME AND WOULD APPRECIATE MORE'OPEN ACCESS FOR OTHER
AUSTRALIAN PRODUCTS, INCLUDING MANUFACTURES. AUSTRALIA HAS A
PARTICULAR INTEREST IN SECURING ACCESS FOR PROCESSED FOODS, FRUIT AND
VEGETABLES. NATURALLY AUSTRALIA ALSO ATTACHES IMPORTANCE TO
INCREASING ITS EXISTING MARKET SHARE IN KOREA'S RAW MATERIAL AND
AGRICULTURAL PRODUCT IMPORTS TO A LEVEL COMMENSURATE WITH OUR
COMPETITIVENESS AND RELIABILITY AS A SUPPLIER.
THERE IS, I WOULD SUGGEST, A MUTUAL AUSTRALIA/ KOREAN INTEREST IN HE
CONTRIBUTION EACH OF US CAN MAKE TO THE MAINTENANCE OF AN OPEN
INTERNATIONAL TRADE SYSTEM.
I RECOGNISE THAT THE TRADE IMBALANCE, WHICH HEAVILY FAVOURS
AUSIRALIA, REMAINS OF CONCERN TO KOREA.
THE EXISTENCE OF THIS IMBALANCE REFLECTS THE FACT THAT AUSTRALIA
IS A COMPETITIVE AND FUNDAMENTALLY RELIABLE SUPPLER OF RAW
MATERIALS WHICH ARE VITAL INGREDIENTS FOR THE KOREAN INDUSTRIAL
EFFORT. THIS SUGGESTS THAT THERE IS A CERTAIN INEVEITABILITY
ATTACHING TO THE IMBALANCE IN OUR BILATERAL TRADE.
WE, NEVERTHELESS, ARE SEEKING TO IDENTIFY OPPORTUNITIES IN THE
AUSTRALIAN MARKET WHERE KOREA COULD POSSIBLY ENTER OR EXPAND ITS
EXISTING SHARE. AUSTRALIAN OFFICIALS STAND READY TO JOIN WITH THEIR
COUNTERPARTS IN CARRYING THIS EXERCISE FORWARD.
I STRONGLY BELIEVE THAT CO-OPERATIVE APPROACHES OF THIS KIND ARE THE
MOST LIKELY TO PRODUCE SATISFACTORY RESULTS. THEY ARE ALSO THE
KIND OF APPROACH WE SHOULP EXPECT BETWEEN FRIENDS.
IN THE MEANTIME I CAN THINK OF NOTHING BETTER THAN THAT KOREAN ENTREPRENEURS
SHOULD GET OUT AND SELL TO AUSTRALIA, LEARN THE
AUSTRALIAN MARKET AND ESTABLISH THEIR COMPETITIVENESS WITH OTHER
MAJOR SUPPL4ERS THROUGH THE PROVISION OF QUALITY GOODS.
KOREAN INVESTMENT IN AUSTRALIAN IS A RELATIVELY NEW DIMENSION TO
THE COMMERCIAL RELATIONSHIP. ALREADY THERE ARE JOINT VENTURES IN
COAL ARRIVING IN N. S. W. AND GOOD PROSPECTS IN QUEENSLAND. KOREAN
CORPORATIONS ARE NOW LOOKING AT THE FEASIBILITY OF AN ALUMINIUM
SMELTER AND POWER STATION IN WESTERN AUSTRALIA. CONSIDERED FROM A
TRADE PERSPECTIVE, THIS PROPOSAL COULD CREATE USEFUL OPPORTUNITIES
FOR SUPPLY OF KOREAN CAPITAL GOODS AS WELL AS AN EXPORT MARKET
IN KOREA FOR THE OUTPUT OF ALUMINIUM. BOTH ASPECTS, ARE OBVIOUSLY
IMPORTANT. BUT, AS YOU WOULD ALL APPRECIATE, CONSIDERATION WILL
NEED TO BE GIVEN, FOLLOWING RECEIPT OF A FIRM PROPOSAL, TO THE
EMPLOYMENT EXPORT AND INVESTMENT ASPECTS AS WELL AS TO THE EXTENT
OF FOREIGN OWNERSHIP AND CONTROL. I CAN ASSURE YOU ALL THESE
ASPECTS WILL BE CAREFULLY WEIGHED.
THE PROSPECTS ARE THAT THE INVESTMENT RELATIONSHIP BETWEEN
AUSTRALIA AND KOREA WILL GROW, ESPECIALLY GIVEN KOREA'S INTEREST IN
INVESTING IN RESOURCES PROJECTS.
ALL PROPOSALS WILL BE CONSIDERED ON THE BASIS OF OUR GLOBAL, NONDISCRIMINATORY
FOREIGN INVESTMENT CRITERIA. THOS CRITERIA MAKE
CLEAR THE TERMS UNDER WHICH INVESTMENT IS WELCOME IN AUSTRALIA.
YOU WOULD ALL APPRECIATE THAT THE SECURING OF ACCEPTABLE FOREIGN
INVESTMENT IS AN IMPORTANT ELEMENT IN AUSTRALIA'S ECONOMIC
STRATEGY. A NUMBER OF AREAS READILY SUGGEST THEMSELVES AS POSSIBLE
TARGETS FOR AUSTRALIA/ KOREA JOINT VENTURES MINERAL PROCESSING
( SEMI COLON) AND ENERGY-INTENSIVE INTERMEDIATE PRODUCTS STAND OUT.
I WOULD URGE MUCH MORE VIGOROUS EXPLORATION OF THE OPPORTUNITIES
THAN HAS BEEN THE CASE TO DATE.
THE FUTURE OF OUR BILATERLA ECONOMIC RELATIONS LOOKS ENCOURAGING.
AS THE AUSTRALIAN ECONOMY RECOVERS AND GROWTH BECOMES STRONGER,
MORE OPPORTUNITIES WILL BE GENERATED BOTH FOR DOMESTICALLY PRODUCED
GOODS AND IMPORTS. KOREAN EXPORTERS SHOULD BE WELL PLACED TO
BENEFIT FROM THESE OPPORTUNITES.
SIMILARLY, THE KOREAN ECONOMY WILL CONTINUE TO GROW STRONGLY AND OF
COURSE AUSTRALIA HAS THE CAPACITY, AS AN EFFICIENT AND RELIABLE
SUPPLIER, TO MEET KOREA'S GROWING DEMANDS.
IN THIS RESPECT, I AM DELIGHTED THAT INDUSTRIAL DISPUTES STRIKES
OVER THE LAST YEAR HAVE HAD A MINIMAL IMPACT ON THE TRADING
RELATIONSHIP. MOVES MADE BY MY GOVERNMENT TO PROMOTE
TRIPARTITE CONSULTATIVE COUNCILS IN IMPORTANT AREAS SUCH AS THE
PILBARA IN WESTERN AUSTRALIA WILL REINFORCE THIS TREND
AS IT AFFECTS SUCH MAJOR COMMODITY EXPORTS AS IRON ORE.
INDEED THE EFFECT OF INDUSTRIAL DISPUTES IN AUSTRALIA HAS BEEN
EXAGGERATED BY SOME OBSERVERS.
THE NUMBER OF WORKING DAYS LOST DUE TO INDUSTRIAL DISPUTES IN
AUSTRALIA OVER THE LAST YEAR ENDING OCTOBER 1983 REPRESENTED ONLY
0.2 DAYS PER MEMBERS OF TH WORK-FORCE. FURTHER, THE NUMBER OF DAYS
LOST DUE TO INDUSTRIAL DISPUTES IN AUSTRALIA IN THE SAME PERIOD
FELL BY NEARLY 50 PERCENT FROM THE PREVIOUS YEAR. THIS WAS THE
LOWEST SUCH FIGURE FOR A COMPARABLE 12 MONTH PERIOD SINCE 1968.
PERHAPS EVEN MORE SIGNIFICANTLY FOR THE TRADE RELATIONSHIP,
THERE WAS A 64 PERCENT RFpUCTION IN THE NUMBER OF DAYS LOST IN
THE MINING INDUSTRY, AND'A 57 PERCENT REDUCTION IN DAYS LOST
IN THE MARITIME INDUSTRY INCLUDING STEVEDORING, IN THE SAME' PERIOD.
IT HAS BEEN A PARTICULAR PRIORITY OF MY GOVERNMENT TO SECURE THE
ESTABLISHMENT OF AN ORDERLY AND STABLE INDUSTRIAL RELATIONS SYSTEM
CONSISTENT WITH OUR DEMOCRATIC PRACTICES IN AUSTRALIA. WE SEE
THIS AS A NECESSARY SUPPLEMENT TO OUR POLICY OF MAKING AUSTRALIA
A RELIABLE AND COMPETITVE TRADEING PARTNER.
IN THIS REGARD THE PRICES AND INCOMES ACCORD BETWEEN THE
AUSTRALIAN LABOR PARTY AND THE AUSTRALIAN TRADE UNION MOVEMENT PUT
IN PLACE BY MY GOVERNMENT, THE ACTIVE SUPPORT WE HAVE GIVEN TO THE
CREATION OF TRIPARTITE CONSULTATIVE ORGANS AT INDUSTRY LEVEL9 AND
OUR POLICY OF THOROUGHLY REVIEWING AND RATIONALISING INDUSTRIAL
RELATIONS MACHINERY, HAVE ALL HELPED.
MY GOVERNMENT'' S APPROACH IS ONE WHICH EMPHASISES THE BENEFITS OF
CONSULTATIVE, CO-OPERATIVE APPROACHES AND SEEKS TO PUT BEHIND US
THE UNPRODUCTIVE, DIVISIVE AND CONFRONTATIONAL STYLES OF THE PAST.
THE RESULTS, I THINK YOU WILL AGREE, SPEAK FOR THEMSELVES. THEY
OBVIOUSLY GO WELL BEYOND THE INDUSTRIAL RELATIONS FIELD ALONE.
THEY ARE ALSO REFLECTED IN THE ADOPTION AND SUPPORT OF A MIX OF
NATIONAL ECONOMIC POLICIES THAT ARE ALREADY PRODUCING A VERY
SIGNIFICANT UPTURN IN THE LEVEL OF AUSTRALIAN DOMESTIC ECONOMIC
ACTIVITY. MR PRIME MINISTER, THE EXPANSION OF THE KOREAN ECONOMY HAS FARREACHING
IMPLICATIONS FOR THE ECONOMIC DEVELOPMENT OF THE ASIA/
PACIFIC REGION.
IN THIS REGARD, SUGGESTIONS FOR FURTHER ECONOMIC CO-OPERATION
AND EXPANSION OF TRADE AMONG THE COUNTRIES OF THE ASIA/ PACIFIC
REGION ARE RELEVANT.
THE ASIAN AREA HAS GENERATED A SUBSTANTIAL INTERNAL ECONOMI
MOMENTUM. IN THE 1980' S, GROWTH IN THE ASEAN ECONOMIES HAS AVERAGED
AROUND 6 PERCENT AROUND 3.8 PERCENT FOR JAPAN AND 7 PERCENT FOR
KOREA OVER THE LAST THREE YEARS. THE MAJOR INDUSTRIAL COUNTRIES, 3Y
COMPARISON HAVE GROWN BY JUST OVER I PERCENT. THE POINT OF THIS
COMPARISON IS FURTHER EMPHASISED WHEN IT IS REALISED THAT A NUMBER OF
COUNTRIES IN THE REGION HAVE RECENTLY SUFFERED THE TWIN BLOWS OF A
FALL-OFF IN EXPORT DEMAND DUE TO INTERNATIONAL RECESSION AND HEAVY
EXTERNAL DEBT SERVICING COMMITMENTS WHICH HAVE LIMITED DOMESTIC
ECONOMIC EXPANSION.
IT IS PARTICULARLY SIGNIFICANT THAT COUNTRIES SUCH AS KOREA ARE
EXPECTED TO REBOUND STRONGLY FROM THE RECESSION. KOREA, I AM TOLD,
IS LIKELY TO SUSTAIN GROWTH OF 7.5 PERCENT THROUGH TO 1986. BY
COMPARISON, REAL GNP GROWTH IN THE OECD ECONOMIES FOR 1984 IS
EXPECTED TO AVERAGE 3.25 PERCENT.
THE AUSTRALIAN ECONOMY HAS INCREASINGLY BENEFITTED FROM THE RAPID
ECONOMIC GROWTH OF THE ASIA/ PACIFIC REGION. THAT GROWTH HAS UNDERPINNED
A VERY SIGNIFICANT REDIRECTION OF AUSTRALIAN TRADE. BY WAY OF
ILLUSTRATION, AUSTRALIAN EXPORTS TO THE WESTERN PACIFIC COUNTRIES
REPRESENTED 37 PER CENT OF OUR TOTAL EXPORTS IN 1961/ 62, 48 PERCENT
IN 1971/ 72 AND 55 PERCNT IN 1981/ 82. AUSTRALIAN IMPORTS GREW EVEN
MORE SIGNIFICANTLY: 14 PERCENT IN 1961/ 62, 25 PERCENT IN
1.971/ 72 AND 37 PERCENT IN 1981/ 82.
FOR AUSTRALIA THE IDEA OF A MORE ECONOMICALLY INTEGRATED ASIA/
PACIFIC REGION IS BECOMING INCREASINGLY REAL. WE SEE ADVANTAGE IN
SEEKING TO MAXIMISE THE BENEFITS OF THE ECONOMIC INTERDEPENDENCE
BETWEEN THE COUNTRIES OF THE REGION. THERE CAN BE LITTLE DOUBT
THAT, LOOKING NOT TOO FAR AHEAD, THE ASIA/ PACIFIC REGION MUST BE
ACCEPTED AS A MAJOR CATALYST FOR STRONGER WORLD-WIDE ECONOMIC
PERFORMANCE. A'JY MOVE TOWARDS CLOSER ECONOMIC CO-OPERATION IN THE ASIA/ PACIFIC
A3E A MUST, OF COURSE, BE NON-DISCRIMINATROY AN,) COMPATIBLE WITH OUR
WIDER INTERNATIONAL OBLIGATIONS.
IT HAS BEEN IN THIS SPIRIT THAT AUSTRALIA HAS BEEN CONSIDERING
SUGGESTIONS FOR A NEW MULTILATERAL TRADE ROUND.
WE: ARE OF THE VIEW THAT AN EXPANSION OF WORLD TRADE WOULD BE OF
CONSIDERABLE ASSISTANCE IN REINFORCING BROAD ECONOMIC
RECOVERY. THIS IS CRUCIAL 1t0 MAINTAINING THE MOMENTUM OF GROWTH
IN ASIA AND THE PACIFIC.
THERE HAVE, NEVERTHELESS, RECENTLY BEEN SOME DISTURBING AND OMINuUS
DEVELOPMENTS. THE PROLIFERATION OF PROTECTIONIST MEASURES AND
THE RESORT TO BILATERALISM IN SEEKING TO RESOLVE TRADE PROBLEMS
POSE MAJOR THREATS TO THE VERY BASIS OF THE CONTEMPORARY INTERNATIONAL
TRADING SYSTEM. PRESSURES OF THIS KIND MUST BE RESISTEC.
RECENT PROPOSALS FOR A NEW MTN ROUND ARE DSIGNED IN PART TO MAKE SUCH
RESISTANCE EFFECTIVE.
I HAVE SUGGESTED THAT COUNTRIES OF THIS REGION SHOULD CONSIDER
CAREFULLY HOW THEY MIGHT BEST SECURE ATTENTION TO THEIR INTERESTS
SHOULD AN MTN ROUND MATERIALISE.
WE ARE NOT SEEKING TO IMPOSE DEFINITIVE VIEWS ABOUT THE PROCESS
BY WHICH REGIONAL COUNTRIES' INTERESTS ARE IDENTIFIED OR ABOUT WHAT
SHOULD COMPRISE THE AGENDA OF A NEW MTN. AUSTRALIA, I ACKNOWLEDGE,
HAS SOME SPECIAL INTERESTS FOR EXAMPLE, IN MARKET ACCESS FOR
AGRICULTURAL PRODUCTS AND PROCESSED MINERALS WHICH WOULD BE SHARED
IN VARYING DEGREES BY OTHER IN THIS REGION. AT THE SAME TIME I
RECOGNISE THAT OTHER COUNTRIES WILL HAVE THEIR SPECIAL INTERESTS.
WHAT IS IMPORTANT IS THAT THERE SHOULD BE DELIBERATE EFFORT IN
THE FORM OF ACTION, NOT WORDS TO GET BACK TO0 AN OPEN
MULTILATERAL TRADEING SYSTEM.
IN LINE WITH THIS OVERALL APPROACH, AUSTRALIA WOULD STRONGLY SUPPORT
A NEW ROUND OF MULTILATERAL TRADE NEGOTIATIONS BUT ONLY IF WE ARE
CONFIDENT THAT THEY WOULD SERIOUSLY AND EFFECTIVELY ADDRESS MATTERS
OF SPECIAL SIGNIFICANCE TO AUSTRALIA, NEW ZEALAND AND OUR DEVELOPING
COUNTRY NEIGHBOURS IN THE ASIAN/ PACIFIC REGION.
AUSTRALIA HAS ALREADY TAKEN SOME FIRST STEPS DOWN THIS TRACK. OVER
RECENT WEEKS AUSTRALIAN OFFICIALS HAVE VISITED A NUMBER OF ASIAN
COUNTRIES TO DISCUSS IN AN EXPLORATORY WAY WITH THEIR COUNTERPARTS
VARIOUS ASPECTS OF THESE QUESTIONS. WE HAVE ALSO CONSULTED WITH
OTHER COUNTRIES THAT WOULD HAVE IMPORTANT ROLES TO PLAY IN A NEW
ROUND. THE OVERALL REGAIONAL RESPONSE HAS BEEN ENCOURAGING AND
THE CONSULTATIVE PROCErS WILL BE PURSUED. WE SEE OUR ROLE
AS SEEKING TO ELICIT VI EWS FROM INTERESTED PARTIES IN THE REGION
AND PROMOTING FRANK AND CONSTRUCTIVE DISCUSSION. AN APPROACH GIVING
EFFECTIVE EXPRESSION TO THE INTERESTS OF THE COUNTRIES OF THE
REGION COULD EMERGE FROM THIS PROCESS. IF IT DOES, I BELIEVE IT
WILL BE TO THE DIRECT ECONOMIC ADVANTAGE OF ALL OF US. IN THE PAST
OUR INTERESTS HAVE TOO EASILY BEEN BRUSHED ASIDE.
INDEED I THINK THE DAY WHEN THAT COULD BE DONE IS NOW BEHIND US.
THE ECONOMIC PERFORMANCE OF COUNTRIES IN THIS REGION HAS BEEN AND
WILL CONTINUE TO BE SO STRONG THAT THEIR IMPACT ON INTERNATIONAL
ECONOMIC CONDITIONS MUST NOW BE RECKONED WITH BY THOSE BEYO\ D ThE
REGION. THIS SHOULD BE A SOURCE OF CONFIDENCE FOR ALL OF US WITHIN THE
REGION. IT IS ALSO A SITUATION IMPOSTNG PARTICULAR RESRONSIBILITiEc
ON EACH OF US.
I KNOW WE ALL STAND) READY TO MEET THE CHALLENGE.
7.
TOAST DISTINGUISHED GUESTS,
I SHOULD NOW LIKE TO PROPOSE A TOAST TO THE HEALTH AND WELL-BEING
OF HIS EXCELLENCY CHUN DOO-HWAN, PRESIDENT OF THE REPUBLIC OF KOREA
AND TO THE FUTURE OF RELATIONS BETWEEN AUSTRALIA AND THE
REPUBLIC OF KOREA.