Fiftieth Year of the Australia-Japan Agreement on Commerce

Australia’s Minister for Trade, Warren Truss, and his Japanese counterpart Minister for Economy, Trade and Industry Akira Amari marked the 50^th anniversary of the landmark Australia-Japan Agreement on Commerce at a ceremony in Cairns today.

“The Agreement not only laid the foundation for the emergence of our most important bilateral trading relationship, but provided the spur for the development of Australia’s modern resources industries and associated infrastructure, “Mr. Truss said.

“In 1957, Sir John McEwen, who was Deputy Prime Minister and the Trade Minister at the time, and Japanese Prime Minister Nobusuke Kishi showed great foresight in realising Australia and Japan would share a prosperous future in this part of the world,” he added.

Only a decade after its signing, Japan became Australia’s number one export market in 1967 - a position it has held ever since. In 2006, our exports to Japan were worth $35.5 billion, accounting for 20 per cent of Australia’s global exports.

The expansion of bilateral trade following the conclusion of the Commerce Agreement was accompanied by the rapid growth of Japanese investment in Australia. Japan is now Australia’s third largest source of investment.

In 2007, the Australian Government commenced negations with Japan on a bilateral free trade agreement (FTA) which will provide Australia and Japanese business with the framework to secure strong trade and investment growth over the next 50 years and beyond.

“A free trade agreement with Japan would be a major step forward in an economic relationship which has helped underpin both countries’ prosperity.”

“With the magnificent achievement of the Commerce Agreement as our inspiration, we look forward to our successors toasting the achievement of the FTA,” Mr Truss said.

Media Inquiries: Minister Truss' office 02 6277 7420 - Departmental Media Liaison 02 6261 1555