Media Release
24 October 2009
Visit to Japan and the Republic of Korea
The Minister for Trade Simon Crean departs today for Japan and the Republic of Korea.
Mr Crean’s visit to Japan will be the first by an Australian Minister since Japan’s historic change of government following elections in August 2009.
Mr Crean will hold the inaugural Trade Ministers’ Dialogue with his Japanese counterpart, Mr Masayuki Naoshima. Mr Crean will also meet other senior Japanese Government Ministers and address the 47th Australia-Japan Joint Business Conference.
In Korea, Mr Crean will meet key Korean ministers, including Minister for Trade, Mr Kim Jong-hoon, and senior business representatives from key Australian and Korean companies engaged in the trade and investment relationship.
In both countries, Mr Crean will discuss ways to ensure the WTO Doha Round is brought to a successful conclusion, and developments in regional architecture.
Mr Crean will also explore new areas of trade and investment in both countries, and seek to advance negotiations on bilateral free trade agreements with Japan and Korea.
The issue of energy security and Australian energy exports to Japan and Korea will be high on the agenda.
“Already about a quarter of electricity generated in Japan comes from Australian coal, LNG and uranium. Australia has the chance to become a global energy superpower supplier.”
“Japan is the world’s second largest economy with a large and wealthy domestic market, global production networks and high level of technological sophistication,” Mr Crean said.
“Korea is a dynamic, emerging economy that has undergone rapid growth and transformation. It is essential for Australia to engage closely with Japan and Korea on all aspects of trade policy.”
"We are also working closely together with Japan and Korea in regional groups such as APEC, which Japan will host in 2010, and the East Asia Summit.”
"Bilaterally, exports to and investment from Japan and Korea are fundamental to Australia’s economy. The maturity of these relationships also means there are significant new complementarities for Australia to develop, such as cooperation on services, infrastructure financing and joint research into green technologies," Mr Crean said.
Japan has been Australia's largest export market for over 40 years and was Australia's largest trading partner in 2008 with two-way trade worth $76 billion. Total Japanese investment in Australia was nearly $90 billion at the end of 2008.
Korea is Australia’s third-largest goods and services export market. Australia is Korea’s largest supplier of iron ore, coal, aluminium and raw sugar. Australian investment in Korea has grown significantly over the last decade to $7.4 billion by the end of 2008.
See also: Joint Statement: 1st Australia and Japan Trade and Economic Ministerial Dialogue, 27 October 2009
Media Inquiries: Mr Crean's offic, Clinton Porteous, 0403 369 588 - Departmental Media Liaison 02 6261 1555