▲ South Korea's First Vice Finance Minister Bang Ki-sun (L) shakes hands with his Australian counterpart, Andrew Leigh, on the margins of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank in Incheon, 27 kilometers west of Seoul, on May 3, 2023, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)

ADB-Australia meeting

S. Korea, Australia discuss ties in supply chains, energy

By Kang Yoon-seung

INCHEON, May 3 (Yonhap) -- South Korea and Australia shared ideas on expanding cooperation in a wide array of economic issues, ranging from supply chains to energy, the finance ministry said Wednesday.

First Vice Finance Minister Bang Ki-sun met his Australian counterpart, Andrew Leigh, on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank in Incheon, 27 kilometers west of Seoul.

During the meeting, Bang expressed hope for solidifying ties with Australia in terms of the global supply chains under the Indo-Pacific Economic Framework for Prosperity.

South Korea and Australia are two of the 14 member states involved in the U.S.-led economic initiative, which focuses on four key areas: trade, supply chains, the clean economy and the fair economy.

Leigh also said Australia wishes to expand ties with South Korea in the electric vehicle industry.

Bang noted that South Korea will continue cooperation with Australia to find strategies to cope with climate change as well.

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