Business today underlined the importance of a feasibility study to explore the potential scope and benefits of a potential free trade agreement between Japan and Australia.

BCA President Hugh Morgan said such a study would be an important step in deepening the relationship between Japan and Australia and enhancing wider trade and investment liberalisation throughout the Asia–Pacific.

“Australia and Japan have a longstanding relationship as important trading and investment partners”, Mr Morgan said.

“This relationship has delivered significant benefits and has underpinned strong growth both in Japan and Australia.

“There is a need now to cement this relationship and future opportunities between the two countries.

Mr Morgan said Australia should aim to build on the Nara Treaty to achieve deeper economic, trade and investment relationships.

“Business strongly supports a significant enhancement of the current relationship between Australia and Japan,” he said.