Australia-Japan Free Trade Agreement Study Intensifies

Australia and Japan will intensify efforts to finalise the Australia-Japan Free Trade Agreement Feasibility Study by the end of the year, Deputy Prime Minister and Minister for Trade Mark Vaile said today.

The agreement to conclude the study by the end of 2006 was reached at a meeting of the Australia-Japan Joint Consultative Committee in Tokyo on 30 March.

“I am pleased that the work to date highlights the significant potential benefits of a future Australia-Japan Free Trade Agreement”, Mr Vaile said.

The Australian and Japanese governments agreed in April 2005 to study the feasibility of an FTA over a two-year period.

“An expedited timetable would enable both countries to consider whether to move to negotiations sooner than was planned”, Mr Vaile said.

Australia’s exports to Japan grew 24per cent in 2005 to $31.6 billion.

“An FTA with Japan would further boost our performance in the export market and create enormous new business opportunities in Japan, our largest export market by far”.

Mr Vaile said, “I was pleased to hear of the strong support by Japanese business for an FTA after recent talks with a delegation of Japan’s Kansai Economic Federation”.

Led by the Chairman of Kansai Electric Power Company, the Kansai Economic Federation’s members represent an important economy in its own right, accounting for 20 percent of Japan’s and 3 percent of the global economy.

The Australia-Japan Joint Consultative Committee (JCC) is co-chaired by Dr Geoff Raby, Deputy Secretary, Department of Foreign Affairs and Trade, and Mr Mitoji Yabunaka, Deputy Minister, Ministry for Foreign Affairs. It is responsible for overseeing the FTA Study and reporting to Prime Ministers on its outcomes.

Contact: Mr Vaile's Office 02 6277 7420, Departmental 02 6261 1555