Federal Minister for Energy and Emissions Reduction, Angus Taylor, has signed a new Australia-Japan Memorandum of Cooperation (MOC) with his Japanese counterpart, Minister Hiroshige Seko.
The new MOC signals the strengthening of an already close relationship between Australia and Japan, addressing contemporary energy challenges. It is intended to promote trade and investment, support research and innovation, and tackle security, reliability and affordability challenges.
Mr Taylor said, “Here at the G20 we have made important steps to improve energy access and affordability, and encourage innovation in lower-emissions energy.
“This sends important signals to the global energy market on domestic, regional and international energy priorities.
“We are pleased to build on our strong energy and resources relationship with Japan, which supports the prosperity of Australia, Japan and the region.
“The agreement affirms the long-running, strong bilateral relationship which has been built over decades of resources trade and investment.
Senator Matt Canavan said, “Like the Australian Government, Japan has always been a strong a supporter of Australia’s resources and energy sector. Today’s signing demonstrates our mutual and continued commitment.”
During the 2017-2018 financial year, Japan imported $41 billion of Australian minerals and energy, which made it Australia’s biggest energy export market. The recent commitment opens the door to discussing new opportunities for Australia and Japan’s energy and resources sectors.