Foreign Trade Online

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New Customs Legislation update. Import, Export and Transit. Initial plans to unify the Peninsula under a single government quickly dissolved due to domestic opposition and the politics of the Cold War. An armistice in ended the fighting but a more comprehensive peace agreement has not been negotiated. Since its establishment in , the ROK has maintained a presidential system except briefly when a parliamentary system was in place between June and May Under the presidential system, power is shared by three branches: The president holds supreme power over all executive functions of government, within the constraints of the constitution.

The president appoints public officials, including the prime minister with the approval of the National Assembly , ministers who do not need to be members of the National Assembly and the heads of executive agencies. The president is also commander-in-chief of the armed forces. The president is limited to serving a single five-year term. Legislative power is vested in the unicameral National Assembly of the Republic of Korea, comprising members elected for a four-year term.

The current National Assembly includes members elected by popular vote, with the remaining 47 seats distributed proportionately among political parties according to a second, preferential ballot. A regular legislative session, limited to days, is convened once a year. Extraordinary sessions, limited to 30 days, may be convened at the request of the president or at least 25 per cent of the Assembly members. Several extraordinary sessions are usually held each year.

The most recent National Assembly election was held on 13 April By virtue of geography and economic influence, relations with the major powers — China, the United States, Japan and Russia — remain the most important foreign policy priorities for the ROK, after its relationship with the DPRK.

Over time, the ROK has actively sought to diversify its diplomatic and trade links and has made considerable efforts to ensure itself a place in the international community commensurate with its economic status. Australia and the ROK are natural partners as democracies with complementary economies and common strategic interests. The first recorded contact between Australia and Korea took place in , when Australian missionaries landed at Busan. Australian photographer George Rose travelled the length of the peninsula in and photographed the country and people.

Today, his images of everyday Korean life, clothing and customs form a valuable part of Korea's documentary history. Approximately 17, Australian troops served under UN command and Australians died during the Korean War. Australia and the ROK established full diplomatic relations in In June , Australia opened an Embassy in Seoul.

Since then, strong economic, political and strategic connections have grown between Australia and the ROK. People-to-people links, supported by a large and growing Australian Korean community, are strong and growing, and the bilateral trade and investment relationship is complementary, longstanding and robust. Marking the 50th anniversary of diplomatic relations, the governments of Australia and the ROK designated as a "Year of Friendship" and links were further enhanced in by Australia's participation in the World Expo in Yeosu on the ROK's south coast.

This Memorandum provides a framework for greater cooperation on development assistance. Both countries are working together to explore ways to develop practical collaboration, with a focus on the Asia-Pacific and strengthened development effectiveness.

Australia and the ROK share key security interests in North Asia and the Asia-Pacific region, with peace and stability on the Korean Peninsula critical to the economic performance and security of both countries. Both support a nuclear-free Korean Peninsula and regard the continued commitment of the United States to the Indo-Pacific as critical to stability and prosperity in the region.

Our security and defence ties are expanding: The ministers affirmed the strength of the relationship and commited to further enhancing bilateral cooperation across a range of areas.

At this meeting, the ministers agreed a Defence and Security Blueprint that implements an agreed Vision Statement. The Blueprint lists areas for practical security and defence cooperation between Australia and the ROK, including increased patterns of bilateral and joint exercises. Australia's security cooperation with the ROK continues to expand in practical ways. The ROK has made remarkable economic progress in the last half-century. When the Japanese occupation ended in , Korea was impoverished and its economy largely based around agriculture.

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