Australia eyeing free trade pact with Japan

Australia eyeing free trade pact with JapanAustralian Prime Minister Tony Abbott is working to finalise a free trade agreement with the government of Japan.

The Prime Minister said pointed out that the deal will help in creating new jobs in Australia. While speaking to a business gathering in Tokyo, he said that the trade deal will also strengthen regional security. Japan and Australia are working closely to reaching a trade deal at a time when the Japanese authorities are working to reach a similar agreement with the government of the United States, which is a step ahead towards the Pacific trade pact.

Prime Minister Abbott indicated that the two sides are close to finalising the deal. While, Japanese counterpart Shinzo Abe said that he wants "to confirm further cooperation at the summit on various issues, including national security and the economy. Australia is an important strategic partner for Japan." Abe and Abbott are expected to announce the basic bilateral agreement on Monday.

The Japanese officials also worked to finalise a deal with the US in order to set up the ground for the broader Trans-Pacific Partnership (TPP) trade pact.