Australias trade relationship with south korea

Australian Financial Review

australias trade relationship with south korea

Australia-Korea Relationship. Overview. An overview of the bilateral relationship between Korea and Australia. The Korea-Australia Free Trade Agreement ( KAFTA) Kyobo Building, 1 Jongro, Jongno-Gu, Seoul Republic of Korea . United Nation Security Council and Australian targeted sanctions on North Korea People's Republic of Korea and their global merchandise trade relationship. Australia–South Korea relations are foreign relations between Australia and South Korea. Both countries established diplomatic relations in May Australia and South Korea are trading partners in the Asia Pacific region.

Australia needs to articulate an approach to the North Korean problem that takes into account the interdependent interests of all key regional stakeholders in their resolution. It carries exceptional growth opportunities for many sectors that were formerly heavily protected, or in which there was discrimination against Australian imports, including agriculture, horticulture and key markets in manufacturing, mining and services.

australias trade relationship with south korea

Like other advanced economies, South Korea faces a number of structural challenges, including a rapidly ageing populationa high reliance on exports and rising household debt.

But it is better placed than most to deal with them. KAFTA secured equal access to key South Korean markets, such as beef and wine, and this trade is set to grow further as tariffs come down over the next decade and beyond. Australia and South Korea share a similar background and position in the world.

China, Japan and South Korea meet to improve frosty relations

Both are competitive, market-based democracies with transparent and accountable governments. Both are middle powers which share a common strategic outlook, are multilaterally engaged and constructive citizens in international society. Both are strong allies of the United States, committed to a stable and prosperous Asia Pacific and actively promote the rules-based, international economic order.

And the two economies are deeply intertwined. The Australia—South Korea relationship is undervalued and underdone. Services sector trade and the investment relationship are also growing from a low base. Australia and the ROK are allies with the United States and both have made significant and practical contributions to efforts to strengthen regional security and stability, such as sending troops to Afghanistan, Iraq and East Timor and conducting counter-piracy operations.

Cooperation between Australia and the ROK on international affairs has reinforced our strong trade relationship. History An independent Korean state or group of Korean states has existed almost continuously for several millennia.

Between its initial unification in the 7th century — from the three kingdoms of Goguryeo, Baekje, and Silla — untilKorea existed as a single independent country.

From tothe Korean peninsula was subject to Japanese colonial rule. Following Japan's defeat in World War II, Korea was temporarily divided into two zones of occupation, with the United States administering the southern half of the peninsula and the Soviet Union administering the area north of the 38th parallel. Initial plans to unify the Peninsula under a single government quickly dissolved due to domestic opposition and the politics of the Cold War.

australias trade relationship with south korea

An armistice in ended the fighting but a more comprehensive peace agreement has not been negotiated. Political overview Government and administration Since its establishment inthe ROK has maintained a presidential system except briefly when a parliamentary system was in place between June and May Under the presidential system, power is shared by three branches: The president holds supreme power over all executive functions of government, within the constraints of the constitution.

Australia–South Korea relations - Wikipedia

The president appoints public officials, including the prime minister with the approval of the National Assemblyministers who do not need to be members of the National Assembly and the heads of executive agencies. The president is also commander-in-chief of the armed forces.

The president is limited to serving a single five-year term. Legislative power is vested in the unicameral National Assembly of the Republic of Korea, comprising members elected for a four-year term.

Export markets - North Korea

The current National Assembly includes members elected by popular vote, with the remaining 47 seats distributed proportionately among political parties according to a second, preferential ballot. A regular legislative session, limited to days, is convened once a year. Extraordinary sessions, limited to 30 days, may be convened at the request of the president or at least 25 per cent of the Assembly members.

australias trade relationship with south korea

Several extraordinary sessions are usually held each year. The most recent National Assembly election was held on 13 April By virtue of geography and economic influence, relations with the major powers — China, the United States, Japan and Russia — remain the most important foreign policy priorities for the ROK, after its relationship with the DPRK.

Over time, the ROK has actively sought to diversify its diplomatic and trade links and has made considerable efforts to ensure itself a place in the international community commensurate with its economic status. Bilateral relations Australia and the ROK are natural partners as democracies with complementary economies and common strategic interests. The first recorded contact between Australia and Korea took place inwhen Australian missionaries landed at Busan.

Australian photographer George Rose travelled the length of the peninsula in and photographed the country and people.

Australia and Korea — The Background - Department of Foreign Affairs and Trade

Today, his images of everyday Korean life, clothing and customs form a valuable part of Korea's documentary history. Approximately 17, Australian troops served under UN command and Australians died during the Korean War. Australia and the ROK established full diplomatic relations in In JuneAustralia opened an Embassy in Seoul. Since then, strong economic, political and strategic connections have grown between Australia and the ROK.

australias trade relationship with south korea

People-to-people links, supported by a large and growing Australian Korean community, are strong and growing, and the bilateral trade and investment relationship is complementary, longstanding and robust. Marking the 50th anniversary of diplomatic relations, the governments of Australia and the ROK designated as a "Year of Friendship" and links were further enhanced in by Australia's participation in the World Expo in Yeosu on the ROK's south coast.

Australia-Republic of Korea relationship

This Memorandum provides a framework for greater cooperation on development assistance. Both countries are working together to explore ways to develop practical collaboration, with a focus on the Asia-Pacific and strengthened development effectiveness. Security cooperation Australia and the ROK share key security interests in North Asia and the Asia-Pacific region, with peace and stability on the Korean Peninsula critical to the economic performance and security of both countries.