Moon, Morrison agree to continue cooperation for stable supply chain

Canberra, Dec 13 (IANS) Visiting South Korean President Moon Jae-in and Australian Prime Minister Scott Morrison on Monday agreed to continue to work together to secure a stable supply chain of critical minerals as they met in Canberra for a summit.

Australia is rich in resources and energy, including iron ore, coal and liquefied natural gas, and the leaders' agreement is expected to boost South Korea's competitiveness in the electric vehicle and secondary battery industries, which are crucial in the carbon-neutral era, according to the presidential palace in Seoul.

"This is an area where Australia and Korea are already working very closely together to build those reliable, trusted supply chains in these critical minerals and rare earths that we know will power the new energy economy and the global economy into the future," Morrison said at a joint press conference with Moon following the talks, which came as the Covid-19 pandemic has caused major disruptions to global supply chains.

The leaders also agreed to upgrade the bilateral relationship to a comprehensive strategic partnership on the occasion of the 60th anniversary of formal diplomatic ties this year, reports Yonhap News Agency.

Moon arrived in Canberra on Sunday, becoming the first South Korean president to pay a state visit to Australia in 12 years.

He is also the first foreign leader that the country has invited since the start of the pandemic, officials said.

During their talks, Moon and Morrison agreed to partner in future industry areas related to carbon neutral technology and the hydrogen economy.

They also agreed to expand their countries' cooperation in defence, defence material, digital transformation and their response to the pandemic to contribute to regional stability, peace and prosperity.

The leaders agreed on the importance of dialogue and diplomacy for complete denuclearisation and lasting peace on the peninsula.

They also noted Australia's decision to allow visits by fully vaccinated South Koreans starting this Wednesday and expressed hope the move will lead to increased exchanges and business between the two countries.

On the summit's sidelines, the two sides signed a contract under which the Australian Army will buy 30 units of the K-9 Thunder self-propelled howitzer and 15 units of the K-10 armored ammunition re-supply vehicles from South Korea's Hanwha Defense.

Moon later paid his respects at the Australian National Korean War Memorial.