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Joint Media Release
Australian Minister for Trade, Mark Vaile and Australian Minister for Foreign Affairs, Alexander Downer
29 April 2001
Australia-Japan: Strengthening Economic Relations
The Minister for Trade Mark Vaile and the Minister for Foreign Affairs
Alexander Downer today announced the release of a major report, Strengthening Australia-Japan Economic
Relations. Mr Vaile launched the
report at the start of the "Australia-Japan Conference for the 21st
Century" being held in Sydney on 29-30 April.
"The report provides an excellent roadmap on ways Australia and Japan can
expand our economic relations further," Mr Vaile said. "It identifies how
regulatory reform, 'new economy' developments and other structural changes are
creating new complementarities in information and communications technology,
financial services, medical and health services and biotechnology. A key recommendation is for a new
Australia-Japan Trade and Investment Facilitation Agreement (TIFA) which would
update the commercial framework of the relationship."
Mr Downer encouraged Australian companies to take a fresh look at their Japan
market strategies in light of the report. "Many Australian firms do not fully appreciate the opportunities opening
up in Japan as a result of economic reforms or find it difficult to realise
them," Mr Downer said. "Government has
an important role to play in helping to realise the full potential of the
Australia-Japan relationship but business must also rise to the challenge."
Australia's exports to Japan account for four per cent of GDP and support
380,000 Australian jobs. Despite a decade of slow growth, Japan remains by far
Australia's largest export market, with exports increasing by 65 per cent in
the last 10 years to $25.5 billion.
Mr Vaile and Mr Downer said they would meet with Japanese Ministerial
colleagues shortly to discuss an appropriate means to address the report's
recommendations, including the TIFA proposal.
"One idea might be to enlist an Experts' Group drawn from our two countries to
work on the way forward," Mr Vaile said.
The report was prepared for the Department of Foreign Affairs and Trade by
Professor Gordon de Brouwer of the Australian National University and Dr Tony
Warren of the Network Economics Consulting Group. It was based on interviews with more than 100 companies from
Australia and Japan.
Media inquiries: John Kunkel (Minister Vaile) 02 6277 7420
Gordon de
Brouwer (ANU) 0414 327 196
Local Date: Thursday, 17-May-2012 16:34:58 EST