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Japan-Australia free trade goes into effect

Japan-Australia free trade goes into effect

Photo by Reuters

15th January 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The Association of Mining and Exploration Companies (Amec) has lauded the enactment of the Japan-Australia Economic Partnership Agreement (JAEPA), which came into effect on Thursday.

JAEPA was expected to deliver significant economic benefits to both countries, through increased trade in high-quality goods and services, an easing of bilateral investment restrictions and promoting economic growth.

The agreement was the most significant bilateral economic agreement since the 1957 Agreement on Commerce.

Amec CEO Simon Bennison said on Thursday that the JAEPA would strengthen Australia’s partnership with Japan and increase investment opportunities in the Australian resources sector.

“Japan is Australia’s second-largest trading partner and imported around A$44-billion worth of Australian resources and energy products in 2013/14. With access to capital a key challenge for mining and mineral exploration companies, strengthening Australia’s relationship with key trading partners will help to increase access for these companies.”

Bennison said that JAEPA was a positive development for the Australian resources sector and should improve Australia’s international competitiveness.

“We must now maintain stability and certainty in Australia’s public policy settings for long-term business and investment planning decisions,” said Bennison.

Edited by Creamer Media Reporter

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