Trade agreement's 50th anniversary

This year marks the 50th anniversary of the ratification of the Australia-Japan commerce agreement, "another very important milestone (in our history)" as Japan's Ambassador to Australia, Hideaki Ueda, points out.
After World War II, the build-up of Cold War tensions saw Australia and Japan find new footing as US-aligned and allied nations. In an attempt to rebuild its post-war economy, Japan began increasing its imports of Australian wool and wheat and, by the 1956-57 financial year, 15 per cent of Australia's total exports were being purchased by Japan. However, even with this good trade basis, Japan was not able to obtain favoured nation (MFN) status from Australia under the General Agreement on Tariffs and Trade (GATT), and continued to pay high tariffs compared to other countries.
In response to this situation, prime ministers of the time, Nobusuke Kishi and Robert Menzies ratified a ground-breaking agreement in July 1957 after two years of negotiations. This Australia-Japan commerce agreement has allowed normal trade relations to exist between both countries, providing a post-war foothold for commercial and cultural exchange at both a national and grass-root level.