Chapter 5: Australia–United States Free Trade Agreement and its Implications for Japan
Ippei Yamazawa INTRODUCTION Since both the United States and Australia are major trading partners of Japan, it is natural for Japan to be concerned about any possible negative impacts of the recently concluded Australia–United States free trade agreement (AUSFTA). The main focus of this chapter is on various implications of AUSFTA for the economy of Japan. It is divided into ﬁve sections. Impacts of AUSFTA on the Japanese economy are discussed in the next section which is followed by an analysis of Japan’s economic relationship with Australia and the USA in the context of AUSFTA. Possible implications of AUSFTA for Japan’s FTA strategy with regards to its major regional trading partners such as East Asia, ASEAN and China are discussed in the fourth section. The chapter concludes with an analysis of the possibility of greater Asia-Paciﬁc regional integration in light of AUSFTA. IMPACTS OF AUSFTA ON THE JAPANESE ECONOMY Australia, Japan and the United States are all major trading nations in the Asia-Paciﬁc region and bilateral trade between any pair of the three countries is important for all of the parties. Both the USA and Australia are important trading partners of Japan. The USA is the largest trading partner of Japan. Its export to and imports from the USA amounted to US$126 839 million and US$62 435 million respectively during 2004 (JETRO 2004a, pp. 25–6). It was the USA’s third largest export destination and fourth largest source for imports in 2004 (US Bureau of...
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