Australia and New Zealand's Ties with Asia and Their Implications

Australia and New Zealand are classified as developed countries, but hitherto they have not been among the primary concerns of the Korean economy, due to their small populations, and the high logistics costs resulting from their isolated geographic location. When considering the areas of politics, d...

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Bibliographic Details
Published in:Policy File 2018
Main Authors: La, Meeryung, Shin, Mingeum, Shin, Minlee
Format: Report
Language:Korean
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Korea Institute for International Economic Policy
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Summary:Australia and New Zealand are classified as developed countries, but hitherto they have not been among the primary concerns of the Korean economy, due to their small populations, and the high logistics costs resulting from their isolated geographic location. When considering the areas of politics, diplomacy, and value chains in the Asia-Pacific region, however, Australia and New Zealand are countries that deserve great notice. Australia and New Zealand support the rules-based international order and multilateral trading system, and are key participants in the CPTPP and RCEP. They are among the most important countries that will influence the shape of the regional order. Australia and New Zealand also share a complementary industrial structure with Korea, which can provide mutual benefits through long-term economic cooperations. Therefore, this study examines the economic and strategic importance of Australia and New Zealand, and investigates ways for Korea to strengthen its ties with Australia and New Zealand.