Japanese minister says no need for free trade pact with Australia
Friday, April 15, 2005 7:09:04 AM
TOKYO (AFX) - Japan's agriculture minister said there is no need for Tokyo to launch talks for a free trade agreement (FTA) with Australia, which hopes to strike just such a deal when Prime Minister John Howard visits next week
Yoshinobu Shimamura, the minister of agriculture, forestry and fisheries, told a news conference that he was satisfied with the current economic situation between the two countries
"At this moment, I see no need for (FTA) negotiations," Shimamura said, adding: "Australia's average tariff rates are already low and its investment climate is good." The issue of a bilateral trade pact is one of the key topics likely to be discussed when Howard meets Japanese Prime Minister Junichiro Koizumi on Wednesday. Howard will arrive on Tuesday for a three-day visit
Last month, Australian Foreign Minister Alexander Downer visited Japan and pressed Tokyo for a trade deal, saying he hoped to see a bilateral feasibility study on an Australia-Japan FTA finalized soon
Since 1967, Japan has been Australia's biggest export market, with Japan buying 2.1 trln yen worth of goods ranging from beef to natural gas last year, according to the Japanese finance ministry
Australia is Japan's fourth largest source of imports, at 1.28 trln yen
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