South Korea and Australia agreed to strengthen cooperation in energy and critical minerals as they face global economic uncertainty driven by US reciprocal tariffs, South Korea’s Finance Ministry said Sunday.
The announcement followed a virtual meeting Friday between Finance Minister Choi Sang-mok and Australian Treasurer Jim Chalmers, according to the Seoul-based Yonhap News.
The two officials discussed strategies to confront global challenges and underscored the need for stable supply chains through mutually beneficial partnerships in key resource sectors.
They also agreed to coordinate efforts through the Group of 20 and other multilateral 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 statement.
The statement added that Australia has significant reserves of lithium, cobalt, liquefied natural gas, and other natural resources, and holds strong potential in clean hydrogen and ammonia production due to favorable weather conditions.
South Korea is working to diversify its mineral supply sources to reduce its dependence on China.
