Australian Department of Foreign Affairs and Trade announced that the Deputy Prime Minister and Minister for Trade, Mark Vaile, has welcomed the successful conclusion of the second Australia-Japan Free Trade Agreement (FTA) Feasibility Study Group meeting in Canberra - the first to be held in Australia.
The Australian and Japanese governments agreed in April 2005 to study the feasibility of an FTA.
“I'm pleased that we've started substantive talks on the feasibility of an FTA that can only enhance our important economic relationship with Japan,” Mr Vaile said.
The discussions covered the breadth of the economic relationship between the two countries. Trade in goods (including agriculture and industrials), services, government procurement, investment, and energy and resources – including security of supply – were considered.
“Australia has no greater friend in Asia than Japan,” Mr Vaile said.
“Both Japan and Australia have reaped enormous benefits from the Australia-Japan Treaty of Commerce, which was negotiated by my Country Party predecessor, Jack McEwen, almost 50 years ago.
“It is now time for both countries to look forward and work together to build a successful trade and economic partnership for the next 50 years. It will underpin the continued economic stability and prosperity of our region.”
Vaile noted the existing depth and strength of the Japan-Australia trade partnership.
“Great deals such as the ones reached last year by Woodside/Pluto and Chevron/Gorgon to supply Japan with additional Australian LNG have cemented our reputation as a reliable, high-quality energy provider to Japan,” Vaile said.
“And last year's successful launch in Japan of the $600 million Babcock and Brown Australian Property Trust brings a sophisticated new investment option to the Japanese consumer and showcases Australian expertise in financial services."
“We will be able to deliver even better results with the conclusion of a high-quality FTA between Australia and Japan,” he said.
Australian Department of Foreign Affairs and Trade
marketing@alchempro.com
