UK Chancellor of the Exchequer, the Rt Hon John Healey MP, and Australian Treasurer, the Hon Dr Jim Chalmers MP, have met on the sidelines of the IMF-World Bank Group Annual Meetings and G20 Finance Ministers Meeting in Bangkok, Thailand.
This is their first in person engagement since Mr Healey was appointed as UK Chancellor of the Exchequer.
Australia and the UK have a deep and enduring friendship and this friendship is even more important in a volatile and uncertain world.
It is critical that both economies continue to be resilient as the war in the Middle East rages on.
Nobody is protected from these energy shocks driving up fuel prices, inflation and interest rates around the world. Communities in both the UK and Australia are not immune from these international factors.
The Chancellor and the Treasurer agreed that an end to the conflict and a reopening of the Strait of Hormuz is urgent and essential.
Both ministers call for de-escalation and a lasting peace.
The Chancellor and the Treasurer agreed to enhance cooperation between both countries on economic security, including energy, fuel, critical minerals and critical technology including AI, and maximising the benefits of the ambitious Australia-United Kingdom Free Trade Agreement.
They agreed to explore how the strategic financing agencies of Australia and the UK can coordinate more closely, along with other trusted partners, to jointly seize opportunities that make both countries stronger.
Cooperation between Australia and the UK is essential for our shared ongoing economic security and prosperity and today’s discussions further strengthened this close relationship and strategic partnership.
