Prime Minister Anthony Albanese has concluded a successful visit to the Republic of Korea for the 2025 APEC Summit.
From 29 October to 1 November, the Prime Minister met with major partners to strengthen Australia's trade and investment.
APEC is a key platform for advancing inclusive, sustainable growth. 75 percent of Australia's global trade is with the member economies of APEC.
Leaders endorsed the Gyeongju Declaration which advances shared objectives under the Summit's three priorities, 'Connect, Innovate and Prosper'.
The Declaration aligns with Australia's focus on strengthening trade, driving innovation and promoting sustainability, and reaffirms leaders' shared resolve to build a resilient Asia-Pacific.
The Prime Minister attended the APEC Business Advisory Council Dialogue to engage with Asia-Pacific business leaders and promote Australia's forward-looking economic agenda.
The Dialogue fosters cooperation between governments and the private sector to shape policies that promote regional integration and innovation.
On the sidelines of the summit, Prime Minister Albanese and the President of the Republic of Korea Lee Jae Myung held a bilateral meeting.
Australia and Korea signed a Memorandum of Understanding (MOU) upgrading our bilateral trade and investment partnership - to increase collaboration and attract high investment in priority sectors, like climate and clean energy, critical minerals, infrastructure, defence and space, advanced manufacturing, health and biotech, education and agribusiness.
Australia is also investing $7.5 million towards projects under the Australia-ROK Green Economy Partnership Arrangement on Climate and Energy - to invest in clean energy technology and boost supply chains.
While in the Republic of Korea, the Prime Minister paid his respects to fallen Australian soldiers at the United Nations Memorial Cemetery, and commemorated the 75th anniversary of Australia's involvement in the Korean War.
The Prime Minister also visited the POSCO Pohang Steelworks where he met with POSCO Holdings Chairman and CEO Dr Chang In-hwa, and highlighted Australia and Korea's longstanding trade and investment ties, as well as maturing cooperation on critical minerals and technology to develop green metals.
During APEC the Prime Minister met with the leaders of multiple countries, including Brunei, Canada, Chile, China, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States of America and Vietnam.
Quotes attributable to Prime Minister Albanese
"One in four Australian jobs depend on trade, while 75 per cent of Australia's trade is with APEC member economies - which is why this engagement is so important.
"When trade flows freely, Australians benefit - from lower costs at the checkout to more secure jobs.
"Through APEC, Australia is working with our regional partners to support economic resilience and deliver stronger outcomes for the Asia-Pacific.
"I thank President Lee for the successful hosting of this year's APEC Summit."
