Media release

Australian Minister for Trade, Mark Vaile

September 29, 1999

Singapore-Japan Visits Pitched at Greater Opportunities for Australian Business

Trade Minister, Mark Vaile, announced today that his visit to Singapore and Japan this week was pitched at developing greater opportunities for Australian business in the region.

Mr Vaile will visit Singapore on 1 October as Australia's representative at the 4th Informal ASEAN Free Trade Area (AFTA) Economic Ministers - Closer Economic Relations (CER) Ministerial Consultations.

"Australia and ASEAN enjoy good relations across a broad range of economic, political and cultural issues. I look forward to building constructive relationships with my ASEAN counterparts. ASEAN is an important trading bloc buying $10.4 billion or 12.1% of our total exports in 1999. But we can do more. Improving the environment for Australians doing business in ASEAN markets is a high priority for my discussions."

"I'll be seeking to reinforce ASEAN support for the launch of a new WTO round and to commit to reducing the tariff differential between AFTA and its trading partners in the shortest time possible. Reaching agreement on further steps to eliminate impediments to trade and investment will be high on the agenda, as well as reassuring ASEAN Ministers of our continuing support as their economies begin to recover," he said.

Mr Vaile will visit Japan from 2-5 October.

"Japan remains our largest trading partner; largest export destination and second most important source of total imports, and a major source of Foreign Direct Investment, as well as being a key foreign policy partner. We enjoy excellent relations across the full gamut of economic, political, strategic and cultural issues," Mr Vaile said.

"A key objective of my visit will be to engage the new Japanese Ministry, particularly my counterpart the Minister for International Trade and Industry, as well as Japanese business leaders and Australian business representatives based in Japan, on the bilateral trade relationship and on developments in APEC and WTO issues.

"I will also participate in a financial services seminar with my colleague, the Minister for Financial Services and Regulation, Mr Joe Hockey.
"In addition to Tokyo I will visit Osaka, the commercial centre of Japan's Kansai region where I will launch Business Club Australia. The Kansai, Japan's second largest regional economy, accounted for $6.4 billion of Australian exports and $2.9 billion of imports in 1998," he said.