On 29 April a South Korean delegation, led by Foreign Minister Tae-yul Cho and Defence Minister Won-sik Shin, commenced their diplomatic mission for the sixth ROK-Australia Foreign and Defence Ministers’ (2+2) Meeting in Australia. They first met with Prime Minister Anthony Albanese, and their exchange encompassed discussions on strategic cooperation, defence and defence industry collaboration, economic cooperation, as well as North Korean issues. Additionally, the two ministers conveyed the regards of Korean President Yoon Seok-yeol to the Australian Prime Minister and expressed their condolences for the sacrifice of the 17,164 Australian veterans who contributed during the Korean War.
On 1 May the much-anticipated 2+2 meeting took place. The meeting was attended by the Australian Foreign Minister, Penny Wong, Defence Minister Richard Marles, Korean Foreign Minister Tae-yul Cho, and Defence Minister Won-sik Shin. During this high-level dialogue, key discussions centred on South Korea’s potential role as a member of AUKUS Pillar II, cooperation for peace and stability in the Indo-Pacific region, and future defence cooperation.
Defence Minister Richard Marles commented on South Korea’s possible cooperation in AUKUS Pillar II, while welcoming South Korea’s efforts to build a friendly relationship with Japan. Moreover, both sides showed interest in participating in regional defence exercises such as Southern Jackaroo 2024 and Ulchi Freedom Shield (UFS) 2024.
Following the 2+2 meeting, Minister Shin visited the Royal Australian Navy's Fleet Command, where he received comprehensive briefings on the Australian fleet's strategic role in the region. Moreover, Minister Shin utilised his visit as an opportunity for defence sales diplomacy, actively promoting the performance and technology of South Korean frigates to Australian counterparts. Minister Shin emphasised that South Korea can deliver the three frigates Australia anticipates by 2029 and highlighted the willingness of Korean shipbuilders to provide support in the construction of the vessels in Australia through technology transfer.
During the meeting, matters regarding Hanwha’s purchase of Austal were also mentioned. Previously, Austal had rejected an offer from Hanwha Ocean due to regulatory concerns. However, Marles's statement that ‘the Australian government does not have any concerns over Hanwha’s bid for Austal’ is backing the talks between Hanwha and Austal to restart. Additionally, the South Korean government's willingness to become a partner of AUKUS Pillar II, and the positive mood surrounding it, has sparked anticipation that regulatory approvals for Hanwha's bid for Austal may become more feasible.
Furthermore, after US Navy Secretary Carlos del Toro’s tour of the two major South Korean shipyards HD Hyundai Heavy Industries and Hanwha Ocean last February, both companies are exploring opportunities to participate in MRO and construction of US naval vessels. HD HHI has recently signed an MOU with Philly Shipyards to cooperate in business related to the US Navy and US Government. For Hanwha, the acquisition of Austal will provide ways to access MRO and construction opportunities, as well as better access to the North American market.