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| 1 |
ID:
075056
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| Publication |
2006.
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| Summary/Abstract |
The NARA Treaty looked to a strengthened Australia-Japan relationship, which foreign ministers of both countries celebrated this year. Events of the mid 1980s, however, demonstrated how an adverse turn in economic circumstances can stress even a strong bilateral relationship. The two countries were then at opposite points in their economic cycles, Japan almost too successful, with the high yen putting pressure on Japan's export industries, steel in particular. Seeking to reduce costs, the steel mills transferred pressure to their Australian suppliers of coal and iron ore, through reductions in prices and volumes. This was unwelcome to an Australian government coping with a recession and worried about balance of payments and unemployment, and led to concerns about equal treatment. Although the minerals trade returned to normal relatively quickly, ambitious investment projects aimed at enhancing the economic relationship did not materialise.
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| 2 |
ID:
075055
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| Publication |
2006.
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| Summary/Abstract |
The Basic Treaty of Friendship and Cooperation between Australia and Japan (the NARA Treaty) was the first treaty of friendship and amity signed between Australia and any other country. Importantly it extended most-favoured-nation status or non-discriminatory treatment beyond trade to all commercial dealings between Australia and Japan, including investment and migration and stay. It was a framework agreement that established a comprehensive basis of equality and fairness in economic and political relations. Yet it is frequently seen as not having had any substantial economic impact on the relationship. This article argues otherwise. It demonstrates that the NARA Treaty had a large and measurable effect on the intensity of investment flows and suggests that it had similar effects on the movement of people between the two economies.
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