Today, Japanese Prime Minister Abe and I signed an historic free trade agreement between Japan and Australia.
Australia owes much of its economic prosperity to our trade and investment with Japan over the last 50 years.
Japan is our third largest source of foreign investment; it was our largest trading partner for more than 40 years and Australian resources such as coal and iron-ore have helped Japan become an industrial powerhouse.
The Japan-Australia Economic Partnership Agreement (JAEPA) was finalised during my visit to Japan earlier this year and today’s signing brings us another step closer to realisation of the benefits of the Agreement for Australian and Japanese consumers, families and businesses.
This is the first free trade agreement that Japan has made with a major developed economy.
For Japan, the Agreement means even better access to the Australian market for its manufactured goods.
For Australia, it means better access for our beef, dairy, wine, horticulture and grain products.
Freer trade means more economic growth and more economic growth means more prosperous people and fairer societies.
Prime Minister Abe and I also signed an agreement to deepen our defence science, technology and materiel cooperation.
The Australia-Japan defence relationship, based on shared values and interests, is an important contribution to peace and stability in the Asia Pacific.
Prime Minister Abe will now accompany me to the Pilbara and Perth to see first-hand the impressive results Australian and Japanese companies are achieving together.
8 July 2014