Introduction

Australia and the Republic of Korea (ROK, also known as South Korea) are comprehensive strategic partners with a strong bilateral relationship underpinned by shared strategic interests, complementary economies and strong people-to-people links. The ROK is Australia's fourth largest two-way trading partner (AUD70.9 billion in 2023), and third largest export market (AUD43.6 billion in 2023).

On 12-15 December 2021, former ROK President Moon Jae-in travelled to Australia on a state visit, marking 60 years of diplomatic relations between Australia and the ROK. During the visit former Prime Minister Morrison and President Moon elevated the bilateral relationship to a Comprehensive Strategic Partnership (CSP). The CSP establishes the foundations of enhanced bilateral cooperation under three pillars – strategic and security; economic, innovation and technology; and people-to-people exchange.

Political overview

Government and administration

Under the ROK's presidential system, power is shared by three branches: the executive (headed by a president), the legislature (a single-house National Assembly) and the judiciary.

The president holds authority over all executive functions of government, within the constraints of the constitution. The president appoints senior public officials, including the prime minister (with the approval of the National Assembly), ministers (who are not members of the National Assembly) and the heads of executive agencies. The president is also commander-in-chief of the armed forces. The president is limited to serving a single five-year term. On 10 May 2022, Yoon Suk Yeol of the People Power Party was inaugurated as the 20th President of the ROK.

Legislative power is vested in the unicameral National Assembly, comprising 300 members elected for a four-year term. The current National Assembly includes 253 members elected by popular vote, with the remaining 47 seats distributed proportionally among political parties according to a second, preferential ballot. A regular legislative session, limited to 100 days, is convened once a year.

Extraordinary sessions, limited to 30 days, may be convened at the request of the president or at least 25 per cent of the Assembly members. Several extraordinary sessions are usually held each year. The most recent National Assembly election was held on 10 April 2024, where the Democratic Party won a majority.

Bilateral relations

The first recorded contact between Australia and Korea took place in 1889, when missionaries from Australia landed at Busan. Australian photographer George Rose travelled the length of the Peninsula in 1904 and photographed the country and people. Today, his images of everyday Korean life, clothing and customs form a valuable part of Korea's documentary history.

The Australia–ROK relationship was strengthened by Australia's participation in the UN Commissions on Korea (beginning in 1947) and in the Korean War (1950-53). Approximately 17,000 Australian troops served under UN command (1950-56) and 340 Australians died during the Korean War. Australian veterans of the Korean War regularly travel to the ROK as part of the Ministry of Patriots and Veterans Affairs, sponsored Revisit Korea Program. A Memorandum of Understanding (MOU) signed in 2019 formalised an already strong partnership between our countries in the recovery of Korean War remains. It contributes to our combined attempts to recover and identify missing Australian personnel, particularly through the facilitation of DNA sharing.

Australia and the ROK established full diplomatic relations in 1961. The ROK Consulate-General in Sydney (opened in 1953) was elevated to embassy status with a Chargé d'Affaires from January 1961 and the first Ambassador was in place from April 1962 (later, the ROK moved the Embassy to Canberra). In June 1962, Australia opened its Embassy in Seoul.

Security cooperation

Australia and the ROK share key security interests in peace and stability on the Korean Peninsula and an open, stable and prosperous Indo-Pacific.

Australia is the only country, other than the United States, to hold a Foreign and Defence Ministers’ 2+2 Meeting with the ROK. The United Kingdom and the ROK have agreed to hold future 2+2 meetings following the London Summit in 2023.

In May 2024, Deputy Prime Minister Marles and Foreign Minister Wong hosted the sixth Foreign and Defence Ministers’ 2+2 Meeting with Foreign Minister Cho and Minister of National Defense Shin in Melbourne. The ministers welcomed increasing strategic convergence between Australia and the ROK, and emphasised the importance of responsibly managing strategic competition. They committed to expand security cooperation – bilaterally and with regional partners and institutions – to promote stability, prosperity and respect for international law in the Indo-Pacific. They agreed to explore ways to develop an enduring reciprocal defence cooperation framework to facilitate the increasing sophistication and complexity of joint activities and exercises.

Deputy Prime Minister Marles and Minister Wong welcomed the ROK's Indo-Pacific Strategy and the commitment it makes to the region and working closely with partners. For more information see: Australia-Republic of Korea 2+2 Foreign and Defence Ministers' Meeting.

In addition to biennial Foreign and Defence 2+2 Ministers' Meetings, security issues are discussed regularly by the two countries, including at Defence Ministerial Dialogues, Strategic Dialogues between senior foreign ministry and defence officials, and in Defence Policy Talks. Australia and the ROK have also cooperated under the multinational Proliferation Security Initiative (PSI) since the ROK joined in 2009.

Australia's security cooperation with the ROK continues to expand in practical ways. The Australian Defence Force (ADF) regularly participates in exercises with the ROK, bilaterally and multilaterally with regional partners. On 19 October 2023 at the Australia-ROK Defence Ministers’ Meeting in Seoul, Service-to-Service MOUs were signed between the ROK Navy, Army and Air Force and the Royal Australian Navy, Australian Army and Royal Australian Air Force to facilitate deeper defence cooperation.

The ROK has participated in flagship ADF exercises TALISMAN SABRE since 2021 and PITCH BLACK since 2022. The Royal Australian Navy makes regular ship visits to the ROK and has participated in bilateral maritime exercise HAEDOLI WALLABY since 2012. A new annual bilateral infantry exercise TIGER DINGO will commence in 2024. 

Australia also continues to support the United Nations Command in the ROK, including through the appointment of an Australian officer to the role of Deputy Commander on a rotational basis and personnel deployed under Operation LINESMEN.

Development cooperation

The ROK's official development assistance budget is large and growing (AUD8.4 billion for 2024). It joined the OECD's Development Assistance Committee (OECD-DAC) in November 2009, signalling its support for the international consensus on principles of good donorship and aid effectiveness. It hosted the Fourth High Level Forum on Aid Effectiveness in 2011, which established the Global Partnerships for Effective Development Cooperation.

In March 2024, DFAT and the ROK’s Ministry of Foreign Affairs signed a Memorandum of Understanding on Development Cooperation to strengthen practical development cooperation, with a focus on the Indo-Pacific, inclusive and sustainable development and strengthened program effectiveness. 

Trade and investment

In 2023, the ROK was the fourteenth-largest global economy (IMF 2023). The ROK has an advanced manufacturing sector with semiconductors as the country's largest export. 

Trade

In 2023, the ROK was Australia's fourth-largest trading partner (valued at AUD70.9 billion) – representing 5.8 per cent of Australia's total trade – and Australia’s third-largest export market (valued at AUD43.6 billion). The trade relationship is complementary, with Australia’s major exports including iron ore, coal, natural gas and beef, and our major imports from the ROK including refined petroleum and cars.

The Korea-Australia Free Trade Agreement (KAFTA) entered into force on 12 December 2014. KAFTA is one of Australia's most comprehensive trade agreements, delivering significant improvements in market access and tariff liberalisation for merchandise trade. Under KAFTA, Australian services providers receive advantageous treatment from the ROK.

Business links are supported by the Korea-Australia Business Council and the Australia-Korea Business Council. Their annual joint meeting allows members to exchange views and expand private sector links between the countries.

Investment

ROK investment in Australia has almost tripled from AUD12.8 billion in 2011 to AUD29.3 billion in 2023, making it Australia’s 19th largest foreign investor.

Major ROK investments in Australia are primarily concentrated in the resources sector, though there has been a recent trend towards diversification into other areas. Australian total investment in the ROK was AUD29.8 billion in 2023, making it the 17th-largest destination for Australia's investment abroad. KAFTA protects investment commitments and enhances investment in both directions.

Information on doing business and opportunities in the Republic of Korea

People-to-people and institutional links

The extensive people-to-people and institutional ties between Australia and the ROK are an important component of our Comprehensive Strategic Partnership. Under the people-to-people pillar, Australia and the ROK have committed to enhancing collaboration across the arts, research, education, tourism, and entertainment.

The Australia-Korea Foundation (AKF) advances Australia's engagement with the ROK through an annual grants round to fund projects supporting cross cultural collaborations, trade and commerce relationships, technological, scientific and education innovation and strategic international relations.

The ROK is Australia's twelfth-largest source of international students, with over 13,000 Korean students studying in Australia in 2023. More than half of these students were enrolled in vocational education and training. There are over 300 formal university partnerships between Australian and ROK institutions.  In 2024 the Australia Korea Foundation, with the support of Woodside Energy Ltd, established a Chair of Australian Studies hosted by a university in the ROK. Since 2014, the New Colombo Plan has awarded 121 scholarships and 2,617 mobility grants for Australian undergraduates to undertake study and work-based experiences in the ROK. This includes 17 scholarships and 351 student grants in the 2024 round.

People-to-people links have also been fostered through sister-city relationships, such as those between Townsville, QLD and Suwon; Parramatta, NSW and Jung-gu; Burwood, NSW and Geumcheon-gu; and  Strathfield, NSW and Gapyeong County. Sister-state relationships include those between Queensland and Gyeonggi Province, New South Wales and Seoul, South Australia and Chungnam Province, Tasmania and Jeju and Victoria and Busan.

According to 2023 data, over 115,00 people said they were born in the ROK and over 136,000 claimed Korean ancestry. In 2019-20, prior to COVID-19, the ROK was the fifth-largest source of working holiday-makers and ninth-largest market of short-term visitors to Australia. In 2023, Australia welcomed 288,010 visitors from the ROK which is an increase on 2019 pre-COVID numbers for the same period (280,480 visitor arrivals).

High-level visits

Australia-ROK high-level contact is substantial, with regular meetings and contact between leaders and senior ministers. Below is a summary of recent high-level visits.

• 11 October 2024: Prime Minister Albanese met President Yoon in the margins of the East Asia Summit (EAS) in Vientiane.
• 3 September 2024: Minister for Trade and Tourism Farrell met Trade Minister Cheong in Perth for the sixth KAFTA Joint Committee Meeting and the Annual Trade Ministers’ Meeting.
• 30 July 2024: Foreign Minister Wong met President Yoon and Foreign Minister Cho in Seoul.
• 11 July 2024: Deputy Prime Minister Marles met President Yoon at the Indo-Pacific (IP4) meeting in the margins of NATO Summit in Washington.
• 1 May 2024: The sixth Australia-Korea Foreign and Defence Ministers 2+2 Meeting in Melbourne, involving Deputy Prime Minister Marles, Foreign Minister Wong, Foreign Minister Cho and National 29 April 2024: Prime Minister Albanese and Foreign Minister Wong met Foreign Minister Cho and National Defense Minister Shin in Canberra.
• 19 March 2024: Assistant Foreign Minister Watts met Foreign Minister Cho in the margins of the Summit for Democracy in Seoul.
• 28 February 2024: Minister for Trade and Tourism Farrell met Trade Minister Cheong in the margins of the Thirteenth WTO Ministerial Conference (MC13) in Abu Dhabi.
• 2 February 2024: Minister for Resources and Northern Australia King met Minister for Trade, Industry and Energy Ahn in Seoul.
• 12 November 2023: Trade and Tourism Minister Farrell met Trade Minister Ahn for the Annual Trade Minister meeting in the margins of APEC and IPEF Ministerial meetings in San Francisco.
• 18-19 October 2023: Deputy Prime Minister Marles participated in the Seoul Defence Dialogue and met National Defense Minister Shin in Seoul.
• 18 September 2023: Foreign Minister Wong met Foreign Minister Park at a MIKTA meeting in the margins of UNGA High Level week in New York.
• 24-25 July 2023: Minister for Climate Change Bowen met Minister of Trade, Industry and Energy Lee in Seoul.
• 13 July 2023: Foreign Minister Wong met Foreign Minister Park in the margins of ASEAN meetings in Jakarta.
• 12 July 2023: Prime Minister Albanese met President Yoon at the IP4 meeting in the margins of NATO Summit in Vilnius.
• 29 May 2023: Deputy Prime Minister Marles separately met President Yoon and then National Defense Minister Lee in the margins of the ROK-Pacific Islands Summit in Seoul.
• 19 May 2023: Prime Minister Albanese met President Yoon in the margins of the G7 Summit in Hiroshima.