The industry ministry said Monday it has signed a memorandum of understanding (MOU) with the state of Western Australia to seek broader ties in the clean energy sector and the supply chain of key minerals.
Trade Minister Cheong In-kyo signed the agreement with Premier Roger Cook of Western Australia during an event held in Perth to commemorate the 10th anniversary of the bilateral free trade agreement (FTA), according to the Ministry of Trade, Industry and Energy.
The ministry said the agreement is crucial, considering that Western Australia boasts rich reserves of key minerals, with its abundant solar and wind resources also making it a region with great potential in the production of clean hydrogen.
“The MOU will help South Korea and Western Australia seek progress in cooperation in the energy sector, including key minerals, hydrogen, carbon capture and storage, along with renewable energy,” the ministry said in a statement.
During his visit to Perth, Cheong also met his Australian counterpart, Don Far
rell, and discussed the progress of the bilateral FTA, which went into effect in December 2014.
“To address the global uncertainties, it is crucial for the two countries to strengthen the future-oriented cooperation in areas such as supply chains, the clean economy, digital innovation and defense,” Cheong said in a statement.
The combined amount of trade reached US$50.6 billion in 2023, up 46.8 percent from 2013.
Source: Yonhap News Agency