The Republic of Korea and Australia: an Expanding Partnership
As the 50th anniversary of the Korean War approaches, we are both conscious of the special significance of the ceremony we attended today to mark the start of work on the Korean War Memorial to Australian soldiers who sacrificed their lives in defence of the Republic of Korea.
Since the Korean War, our two countries have developed an increasingly broad and close relationship. The Republic of Korea has become a healthy democracy and with Australia is a member of the OECD. The Republic of Korea and Australia have become important economic partners.
We are both partners in the pursuit of stability and prosperity in the Asia Pacific. We welcome the vital role played by the strategic engagement of the United States in underpinning regional security. We are founding members of APEC. We share a common commitment to the strengthening of democratic values and the market economy throughout the world.
Australia supports the Republic of Korea’s engagement policy towards North Korea and the Republic of Korea’s comprehensive approach to removing the legacy of the Cold War on the Korean peninsula. Australia also supports the Republic of Korea’s pursuit of reconciliation and cooperation with North Korea, while maintaining security readiness.
Both countries will continue to cooperate, including through KEDO, in encouraging North Korea to refrain from behaviour that threatens regional stability and to take advantage of the benefits of positive engagement with its Asia-Pacific neighbours.
Australia welcomes the Republic of Korea’s return to growth through strong leadership and a commitment to reform after the Asian economic crisis. The
Republic of Korea acknowledges Australia’s contribution to this recovery, including through its support to the IMF programme.
For both countries, our prosperity, living standards and job growth will depend on continued market access for the goods and services that we produce and their international competitiveness.
We are both concerned about growing protectionist sentiment. We will therefore continue our efforts in APEC and other forums to promote the further opening of markets and to enhance opportunities for our two economies across all sectors.
A new round of WTO negotiations is an essential step for ensuring the basis for continued economic growth into the next century.
We are both committed to efforts in the region to strengthen economic, financial and corporate governance at the national level and to improve the international financial system.
We note the importance of structural reforms in improving economic competitiveness. The Republic of Korea is opening up and restructuring its economy, increasing its transparency and accountability. Australia has increased it competitiveness through reforms to its financial sector, work relations and taxation system.
These changes in both countries provide a solid basis for increased trade and investment between us. We have laid the ground for increased cooperation in new fields through the conclusion of agreements on electronic commerce, energy and resources, science and technology and also agreed to work towards an agreement on mutual recognition.
The links between our two communities have deepened, particularly between our younger people. Australia is now the third most popular foreign destination for Koreans studying abroad, while an increased number of Australian students are studying the Korean language at all levels. Korean is one of Australia’s four priority languages in schools.
We will continue to build on our links and friendship through regular exchanges between our leaders and ministers. We will also encourage exchanges between our parliamentarians.
As our bilateral relationship enters its second half-century, we are committed to an expanding partnership which advances our shared interests as open market economies, major trading partners, members of the Asia-Pacific community and societies committed to the values of freedom and democracy.
17 September 1999