The Australian Mines and Metals Association (AMMA) has congratulated the governments of Australia and Japan for the signing of the Japan Australia Economic Partnership Agreement (Free Trade Agreement).
According to the media release by AMMA, the agreement is set to strengthen the ties with one of Australia’s most valuable trade partners and boost resource exports and investment.
Australia’s resource industry currently contributes around 80% of total export goods to Japan.
“Japanese demand for coal, iron ore and natural gas has been a strong driver of Australia’s export revenue and economic prosperity, with $36.2 billion worth of trade in these commodities in the 2012–13 financial year alone,” AMMA stated.
“Today’s Free Trade Agreement is perfectly timed with Australia emerging as a global powerhouse of LNG production and bullish economic growth likely to see Japanese energy demand increase exponentially. It is vital that after a record decade of resource project investment that Australia positions itself to be a primary supplier of energy to the major economic powers of the Asia Pacific region. We have the natural resources, the expertise, skills and technology.”
Pointing out that Australia needs to capitalise on its competitive advantages, AMMA stressed the need for a stable and globally competitive taxation system, delivering meaningful, long-term workplace relations reform and maximising the productive output of the industries and services in Australia.