Mark Vaile (Lyne, National Party, Minister for Trade) Share this | Hansard source

Yes, he should be the shadow agriculture minister. Beef exports to Japan stood at $2.4 billion in 2005. In value terms, almost half of the beef that we export goes to Japan. Those industry leaders who were in Rockhampton last week made mention of this to my colleagues the Minister for Agriculture, Fisheries and Forestry and the Minister for Transport and Regional Services. They want the government to maintain its agenda and ensure that we keep these markets open and that these industries remain competitive on the world stage.

Japan is also our largest market for liquefied natural gas. LNG exports to Japan are now worth a record $3.8 billion. LNG is a huge opportunity for export growth in the future for Australia, and Japan will be one of our key markets for those exports. LNG export volumes are set to double to around 20 million tonnes per annum by 2011. Members would be aware that in coming weeks the first shipment of LNG in the $25 billion contract with China will leave the North West Shelf to travel to China, adding to the exports of this valuable resource that we are already achieving to Japan and Korea. By 2020 Australia will be one of the world’s largest LNG producers and exporters, with exports worth hundreds of billions of dollars.

The government is not prepared to take the relationship with Japan for granted. We are not prepared to just pocket it and expect that it will always be there. We need to continue to nourish and develop it to try to make it grow. That is why, after the Prime Minister’s visit to Japan last year, we launched a feasibility study into a free trade agreement with Japan. We have now agreed with Japan to expedite the completion of that feasibility study so that it will be concluded this year. That will give us an opportunity to launch FTA  negotiations with Japan, our largest trading partner, by the end of this year or early next year. It is important that we do not rest on our laurels and that we do not put all our eggs into one basket in this policy area. It is important that we focus on developing new markets and on strengthening the existing markets we have had for many decades.

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