Media Release

Friday, 5 December 2003 - MVT91/2003

Good Progress on Bilateral Trade and Economic Framework

Implementation by Australia and Japan of this year’s historic Trade and Economic Framework is off to a good start with both countries signing a framework on the mutual recognition of engineers and an Investment Memorandum of Understanding (MOU), Trade Minister Mark Vaile said today.  A framework for cooperation in Information and Communications Technology (ICT) and e-commerce, will also be signed shortly.

He was speaking following the first meeting of the Australia-Japan Trade and Economic Framework’s Joint Consultative Committee of officials on Trade and Investment (JCC), held in Tokyo this week.

“These arrangements will make tangible and practical improvements to the business environment between Australia and Japan,” Mr Vaile said.

“The framework for cooperation in ICT and e-commerce will improve arrangements for cross-border recognition of digital certificates, encourage trust and certainty in online transactions, promote e-government, enhance broadband access and address digital divide issues.

“The framework on the mutual recognition of engineers will enable engineers in Australia and Japan, who have registered as APEC Engineers, to register in either country. 

“The Investment MOU provides for cooperative investment promotion activities including individual company assistance, investment seminars and investment promotion missions, as well as information exchange and referrals of potential investors,” Mr Vaile said.

“There was substantive exchange on Australia’s and Japan’s respective Free Trade Agreement (FTA) discussions with third countries.  Agreement to discuss the implications of each other’s FTAs with third countries was an important element of the Trade and Economic Framework.” 

Both sides committed themselves to strengthening the multilateral trading system. 

“We also discussed possible ways of moving the Doha Round of WTO negotiations forward.”

The JCC agreed to establish a Joint Study Working Group to undertake the bilateral study agreed under the Trade and Economic Framework on how to achieve comprehensive trade and investment liberalization.

The Trade and Economic Framework was signed by the Prime Ministers of Australia and Japan in July and provides for the study to be concluded by June 2005. 

Contact:  Matthew Doman 02 6277 7420