South Korea, Australia vow stronger ties on energy, key minerals

Seoul, April 13 (IANS) South Korea and Australia have agreed to strengthen bilateral cooperation on key minerals and energy sectors as part of broader efforts to navigate deepening global economic uncertainties, Seoul's finance ministry said on Sunday.

The consensus was reached during a virtual meeting held Friday between South Korea's Finance Minister Choi Sang-mok and Australian Treasurer Jim Chalmers, according to the Ministry of Economy and Finance.

During the meeting, the two ministers shared the view that increasing uncertainty in the global trade environment could negatively impact their trade-dependent economies, reports Yonhap news agency.

To address such challenges, they emphasized the importance of mutually beneficial cooperation to ensure stable supply chains, particularly in the energy and critical minerals sectors, and agreed to pursue joint efforts through the Group of 20 (G20) and other multilateral cooperative frameworks.

"As long-standing close partners, South Korea and Australia have agreed to work together to overcome current challenges. South Korea will continue to maintain close communication with Australia and other key partner nations," the ministry said in a release.

Australia is rich in lithium, cobalt, liquefied natural gas and various other kinds of natural resources, and it has great potential in producing clean hydrogen and ammonia based on favorable weather conditions, the ministry said.

Meanwhile, volatility in South Korea's foreign exchange market surged to its highest level last week since the country extended trading hours for the won–U.S. dollar market, data showed on Sunday.

The weekly fluctuation in the won–dollar exchange rate reached 67.6 won during the second week of April, which marked the highest level since July 2024, when Seoul expanded FX trading hours from a 3:30 p.m. close to 9 a.m.–2 a.m. the following day.

When compared to records prior to the extended trading hours, last week's fluctuation was the largest since the second week of November 2022, when the weekly fluctuation reached 101 won.

The Korean won was quoted at 1,421 against the U.S. dollar in after-hours trading Friday, up 40 won from a week earlier. It marked the strongest level since Dec. 5.

The local currency dipped well below the 1,450-won level and has fluctuated near the mark since December amid heightened uncertainty stemming from U.S. tariff threats and a domestic political crisis triggered by then President Yoon Suk Yeol's shocking imposition of martial law.

—IANS

na/