The election result gives Prime Minister Abe a fresh mandate to continue the government’s bold monetary, fiscal and structural changes which have helped break the deflationary cycle in Japan and created six quarters of growth. Prime Minister Abe is also expected to continue promoting his strong international agenda which includes supporting trade liberalisation, promoting global skills development, increasing defence cooperation, building tourism, hosting major sporting events, and creating opportunities for increased collaboration on research and development.
Victorian exporters should benefit from the current government’s international policy agenda through:
- Reduced trade barriers under the Japan Australia Economic Partnership Agreement (JAEPA). Japan, along with the other remaining signatories to the Trans Pacific Partnership is also a key supporter of the revised agreement, TPP11, which would further reduce trade barriers for our exporters to both Japan and the other nine signatory countries should it proceed;
- Increased student numbers through Japan’s study abroad programs and increased opportunities for institution to institution partnerships as Japan prioritises global literacy as a key to economic growth;
- Continued demand for quality food and beverage to meet the needs of Japan’s growing tourism sector, particularly in the lead up to the Olympic Games in 2020;
- Growing opportunities for research and development collaboration with Japan;
- Deregulation which is driving increased interest in investment in offshore funds.