AUSTRALIA and South Korea are poised to take advantage of innovative trade opportunities to boost economic ties between the two major trading partners.
Trade Minister Mark Vaile joined Korean Trade Minister Hwang Dooyun for talks at the third Australia-Korea Ministerial Joint Trade and Economic Commission meeting on the Gold Coast last week.
Mr Vaile said that, in addition to exploring new opportunities for bilateral trade and investment, the prospects for the global trading rules system after Cancun, reform of APEC, and efforts to promote more openness and competitiveness in Asian financial markets were also on the discussion table.
Mr Vaile said there was high potential for industry collaboration in new technologies, including ICT, biotechnology and waste management in addition to the traditional areas of energy resources, such as coal and LNG.
“Australia’s research and development strengths are a good match for Korea’s financial clout,” he said.
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