South Korea and Australia have agreed to strengthen bilateral cooperation in energy and critical minerals at a time of deepening global economic uncertainty. South Korea’s Ministry of Economy and Finance announced that the agreement was reached during an online meeting between Korean Finance Minister Choi Sang-mok and Australian Treasury Minister Jim Chalmers on Friday.
During the meeting, both ministers shared the view that increasing uncertainties in the global trade environment could negatively affect their trade-dependent economies. Against these challenges, they emphasized the importance of mutually beneficial cooperation to ensure the stability of supply chains, particularly in energy and critical minerals. In this context, the parties agreed to work together through the G20 and other multilateral cooperation platforms. “As two countries with a long history of close cooperation, we have decided to tackle the current challenges together. Korea will maintain close communication with Australia and other important partner countries,” the ministry said in a statement, emphasizing that Australia is rich in natural resources such as lithium, cobalt, liquefied natural gas and has great potential in the production of clean hydrogen and ammonia thanks to its favorable climatic conditions.
