North Korea Expert and CEO of Perth USAsia Centre, Professor L. Gordon Flake and National Leader of the Korea Services Group for Deloitte Australia and Chairman of the Australia Korea Business Council of WA, Mr Young Yu, discuss the recent developments on the Korean Peninsula and what this means for Western Australia.
North Korea missiles tests – missiles are improving in terms of their range, capacity and reliability - resulting in increased concern to near neighbours and region at large.
Despite the recent events on the Korean Peninsula, there exists large business opportunities for Australia-Korea relations. The Australian economy is intricately linked to events on the Korean Peninsula, especially as South Korea is Australia’s third largest export destination and fourth largest economic partner.
The Australia-Korea Free Trade Agreement opened more opportunities in the areas of agriculture, food, energy and infrastructure sectors. The upcoming possibility of revisions to the U.S.-Korea Free Trade Agreement, however, will likely have implications on Australia-Korea Free Trade Agreements.
President Moon’s policy implementations in energy, environment and employment sectors are likely to have implications on Australia-Korea business and trade relations. Opportunities such as tourism and education are important sectors which can broaden and diversify the Australia- Korea relationship.
Krystal Hartig is a Research and Program Assistant at the Perth USAsia Centre