Statement by Yasuchika Hasegawa, Chairman of Keizai Doyukai
On a Broad Agreement with Australia for
EPA (Economic Partnership Agreement) Negotiation
April 07, 2014
Chairman, Keizai Doyukai
- Today, Japan reached a broad agreement with Australia for EPA (Economic Partnership Agreement) after seven years’ negotiation since its start in 2007. It is a big step toward the realization of Free Trade Area of the Asia-Pacific (FTAAP), right after EPA with ASEAN. We appreciate that the progress made in trade liberalization in the agricultural sector is beyond the existing scope.
- Promoting economic partnership is very important for the Japanese economy to get on the sustainable growth path. We strongly hope today’s broad agreement will be a driver to promote the Trans-Pacific Partnership (TPP) trade talks that have a goal of accelerating the growth in Asia Pacific region and establishing a new economic order.
- A good incentive in liberalizing agriculture is found in a case of a cherry (both Japanese and non-Japanese) that has increased the consumption through product differentiation leveraging the import liberalization. There are two measures to be taken in order to reach a goal of KPI (Key Performance Indicator; Increase 2020 market size of the sixth industry to 10 trillion yen) described in “Japan Revitalization Strategy”. They are 1) to disseminate the idea of “market-in” to agricultural industry with originality created by parties involved and 2) to utilize new technologies and various know-hows provided by new entrants from many fields. We would like to support the Strategy through strengthening collaboration further with the agricultural sector.