Australia-Korea: Strengthened Economic Partnership
Recommendations
It is recommended that:
(i) Australia and Korea enter into an umbrella agreement designed to strengthen the economic partnership between Australia and Korea (e.g. a Trade and Investment Facilitation Agreement - TIFA). It should provide the framework for the recommendations set out below.
(ii) Australia and Korea foster greater interest in each other’s technology sectors: Australia as a source and a place to develop technologies and Korea as a source of funding and a partner in the development of successful technologies.
(iii) Support be given to the development of closer linkages between Australia and Korea throughout the industrial/commercial chain in various technology segments (e.g. information and communications technology, biotechnology, photonics, environmental technology). This should initially involve workshops and possibly lead to the establishment of Australian/Korean clusters in particular technology segments.
(iv) A bilateral arrangement be made on the implementation of intellectual property protection. This could include a Code of Practice and possibly a joint forum that would consider tangible issues raised by Australian and Korean firms about infringements of their intellectual property rights.
(v) Australia and Korea work on a sector-by-sector basis towards adopting common systems for obtaining approvals/certificates that goods from each country comply with the standards and regulations applying in the other country.
(vi) The Australian Government, in partnership with Australian private sector groups, continue to promote the capabilities and relevance of Australian businesses and the relevance of Australia’s financial and advisory sectors to assist in the modernisation and reform of Korea’s infrastructure and utilities. Such promotion should build on innovative partnerships between private sector and public sector entities, with improved customer focus, along lines pioneered in the new Australian infrastructure sector.
(vii) There be increased support for road-shows, seminars and workshops presenting the Australian approach to reform of these sectors such as rail, roads, water, energy and communications infrastructure. The congestion in urban Korea creates a major opportunity for communication of how new project finance models can address both the problems and the need for improved quality of investment and governance in the infrastructure sector in Korea.
(viii) A coordinated, long-term strategy be adopted involving the Australian Government and educational institutions to capture the attention of Korean Government and educational decision makers as to the quality and relevance of the Australian education and training system and products to the human resources development needs of Korea.
(ix) A Government to Government cooperative agreement be reached whereby Australia agrees to provide advice to Korean authorities and institutions on developing Korea’s new human resources development system and introducing Australian institutions that can provide the particular systems and courses that meet Korea’s needs.
(x) The use of scholarships and work placements be introduced for Korean postgraduate students in Australia as a longer term means to raise the general profile of Australian education and training among younger Koreans and to build a counterweight to the usual attraction of postgraduate students to the USA.
(xi) The building of Australian alumni groups in Korea be supported.
(xii) The media be utilised more extensively to increase the profile of Australia and Korea in each other’s country, including through the exchange of industry specific media specialists who could highlight "success stories" of complementary initiatives. In addition, consideration be given to the implementation of the recommendations of the inaugural Australia-Korea Media Forum held in Sydney on 17 August 1999.
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Appendix A: Useful Korean Government
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