President Moon Jae-in and Australian Prime Minister Malcolm Turnbull held a summit this morning on the sidelines of the G20 Summit in Hamburg, Germany. The two leaders discussed the necessity of reinforcing the global partnership between Korea and Australia, which share a strategic stance and such basic values as democracy and a market economy. They also exchanged views on how to work together for the resolution of the North Korean nuclear issue and the settlement of peace on the Korean Peninsula and how to promote substantive cooperation between the two countries.

The first Korea-Australia summit since President Moon’s inauguration served as an opportunity for the two leaders to build friendship and discuss, in an amicable atmosphere, ways to strengthen global collaboration. They were on the same page on the need for Korea and Australia, two free trade supporters, to actively cooperate to cope with the recent trend of rising protectionism.

Giving a high evaluation of the contributions by Korea and Australia, the two nations with similar positions, to the founding and progress of MIKTA, a minilateral consultative body among middle powers, the two leaders agreed to maintain close coordination on issues of mutual interest so that discussions at MIKTA could lead to substantive outcomes.

In addition, President Moon said that Korea`s new Administration would play a leading role in addressing the issues concerning the Korean Peninsula as the party directly involved. The President went on to explain that it would strive to tackle the North Korean issues, including its nuclear program, via sanctions and dialogue and bring about peace on the Korean Peninsula. The Prime Minister expressed his agreement with the Korean Administration`s new North Korea policy, emphasizing that his country would always stand by Korea as a friend in dealing with the North Korean issues.

In the meantime, the two leaders expressed satisfaction over the fact that cooperation on the economy and trade between the two nations was making as much progress as expected following the effectuation of their free trade agreement. The two leaders concurred on working together to ensure the smooth operation of Korean companies, which have invested in developing natural resources in Australia, including liquefied natural gas.

In addition to developing natural resources in Australia, which was emerging as the biggest exporter of LNG, Prime Minister Turnbull expressed the hope that Korean companies would actively participate in large-scale infrastructure projects and bring about mutually beneficial accomplishments for the economy of both countries.

The summit was regarded as having created the momentum to further promote bilateral cooperation. As key partners in the Indo-Pacific era, the two nations have maintained a partnership, equivalent to a semi-alliance, in all areas from the economy and trade to diplomacy and national security.