PENNY WONG, FOREIGN MINISTER: Good afternoon, thank you for being here. It's such a pleasure to be back here in Seoul, and I thank Foreign Minister Cho for the warm welcome. I was last here as part of the APEC ministerial meetings, where I had the privilege of coming to Korea with the Prime Minister. Australia and the Republic of Korea are Comprehensive Strategic Partners, and we have a deep shared history. I know the Ambassador has spoken to me about the commemoration last week of the 75th anniversary of the Battle of Kapyong and I'm very pleased that we had Australian veterans and also our Chief of Army to attend a very important commemoration.
However, my visit today is part of the Albanese Government's work to strengthen Australia's relationships in our region and to advance our shared energy security. We all know that the conflict in the Middle East and the effective closure of the Strait of Hormuz has disproportionately affected our region. I know the experience of the Republic of Korea is, I think, some 70% of the oil coming to you originally transits the Strait. And 80% of the oil in the Pacific region went through the Strait of Hormuz, so its closure has disproportionately affected our region. Australia believes that direct in-person engagement with counterparts across the region ensures we are able to coordinate effectively as these disruptions continue to regrettably unfold.
The Republic of Korea is one of Australia's largest key suppliers. You're a larger supplier of diesel, you're a key supplier of refined petroleum products, I think, the second largest supplier of petrol and the third largest supplier of our jet fuel. I want to emphasise that those imports to Australia enable us to continue to be a reliable exporter to you of energy, of food and other commodities to ROK, but also the countries of the region. We depend on you, and you depend on us.
Today, I'm very pleased to announce that we have agreed a joint statement on energy resources security. This statement demonstrates that Australia and Korea take our relationship seriously and that we will work closely together to navigate this global disruption. We reaffirmed our shared commitment to open markets and rules-based trade to address unjustified import and export restrictions and to support open trade arrangements for energy and for liquid fuels. We have also committed to working together to strengthen our supply chain resilience to energy resources, including through deepening regional cooperation. And we have established a mechanism to notify and consult each other on potential trade disruptions. This will ensure that we each have advanced warning of fuel shortages and time to prepare. And finally, we have acknowledged the particular vulnerabilities of Pacific Island countries, and that we will work to uphold the resilience of their energy markets. This is an important statement. This statement represents a major step forward in Australia's long-standing partnership with the Republic of Korea. And I thank Minister Cho for making it a reality. I also appreciated the opportunity to meet today with National Security Advisor Wi and MOTIE Minister Kim. I’m happy to take questions.
JOURNALIST: Minister thank you for your information, we all read the joint statement issued by both of the governments today. My question is, what was the initial plan or intent of Australian Government coming to this talk that you had with Foreign Minister Cho in terms of your LNG or refined petroleum imports from Korea? Can you back that up with certain numbers, if you can, and what will be the future outcome that you will expect out of this visit and your talks with Minister Cho in terms of your import of LNG to Korea? And what will be Australia's contribution, and would you be able to share with us what level of indepthness you had with Foreign Minister Cho in terms of your discussion today over these issues? Separately from these energy security issues, another question that I have, is about this nuclear-powered submarine deal that was struck by the both of the United States and Republic of Korea last year. We understand that Australia is in the process of acquiring your own nuclear propelled submarine in the vein of this AUKUS deal you have. Going forward, in the process of Korea's discussion with the United States in terms of this deal, what contribution or role could Australia play. For instance, maybe in terms of IAEA monitoring or inspection, would there be any role or contribution Australia could play?
FOREIGN MINISTER: It's quite a large question, but I'll try and do it justice. First, in relation to the joint statement and our intent, I came to the ROK as part of a visit to the economies in North Asia, so obviously Korea, Japan and also China, and after visits to Southeast Asia. And the purpose of this visit, and the purpose of the engagement, is because energy security is shared, and we know that the impact of the closure of the Strait of Hormuz, the impact of the conflict in the Middle East is being felt by people across this region. As I said, it is felt disproportionately across our region, and we know that the best way to manage that is to ensure we work together to provide each other with a reliable supply of energy, and we work together to manage the disruption. That is Australia's intent, to shore up energy security for Australia and also in the region.
Minister Cho and I had a very open, candid, discussion, which reflects the trust between us as counterparts and the trust between our two countries and we discussed our mutual energy reliability. We are your largest LNG supplier, you are our largest diesel supplier. I indicated to Minister Cho that we understand that our reliability is a national asset, we are a reliable supplier and we want to continue to be a reliable supplier. And we discussed the fact that there is a mutual reliability, your diesel and your jet fuel enables us to continue to provide both LNG exports, but also other commodities to Korea and to the region.
In terms of the nuclear submarines, Australia is seeking to acquire nuclear submarines to replace our submarine capability and the purpose of that capability is the maintenance of peace and stability in our region. We are committed to the highest standards of compliance with our obligations, including under the non-proliferation treaty. In terms of the US and Republic of Korea, I'll leave it for them to discuss their arrangements, but I would say that Australia welcomes the Republic of Korea taking an increasingly active role in contributing to regional stability.
JOURNALIST: My questions to you, the first one would be the disruption in the energy supply chain due to the war in Iran. What do you see in terms of the ways for cooperation between the two countries? My second question is about the proposal made by the United States Government to shape an international cooperation entity designed to open up the Strait of Hormuz, what's your take on this?
FOREIGN MINISTER: In terms of the last question, first, obviously, Australia has been involved in diplomatic efforts to reopen the Strait. We are working with all of our partners, the United Kingdom, France and also the United States. We are engaging on options, noting that we have already provided defensive and diplomatic support to the region.
In terms of disruptions to energy supply chains, you're right, they are substantial, and they are broad in that many different supply chains are affected by the closure of the Strait. What I would say is the discussions I've had today with your ministers reflects this and that the best way countries can deal with these disruptions is to coordinate closely, which is why we are so pleased at the discussions between Australian and Republic of Korea and the joint statement that we issued today.
JOURNALIST: So you mentioned about the cooperation between the two countries in a case of disruption in terms of our supply chain, and also the similar language is found in the joint statement issued today, that the two countries agreed to notify each other and also consult each other should there be any disruption or possible disruption in the supply chain. What will be the trigger for that notification or consultation process to kick off, and is there any standard or starting point that you would look at to compare that the situation is getting worse, that you need to take action and what would be your plan going forward based on this statement?
FOREIGN MINISTER: Well, our hope and our expectation is that we will never have to consult on impending constraints, that we would be able to ensure that we navigate this disruption in a way that does not impact upon reliability of supply. Close coordination, however, would allow us to ensure that we have notice of changes so that we can plan to manage them domestically and together.
I think what is reflected in the statement and in the discussions today is that both Australia and the Republic of Korea recognise that our reliability as suppliers is a national asset and a strength in our relationship and that is what the statement reflects. Thank you very much.