00:01An old salute for a new quasi-ally.
00:08There is no country in the world with whom we have a greater strategic alignment than Japan.
00:14That in turn is underpinned by complete trust.
00:18Celebrating a massive new contract to deliver three new frigates.
00:23A major step is finally being taken to elevate our bilateral defence cooperation to a greater height.
00:32Breaking new commercial ground for Japan's defence industry.
00:36The contract is very important to Japan.
00:40The exact cost to taxpayers isn't clear.
00:44Two years ago the government committed $10 billion,
00:47but now the project's true price tag is becoming more apparent.
00:50The government estimating it could spend up to $20 billion over the next decade.
00:56That will also help lay the groundwork for building another eight of the frigates in Western Australia.
01:03The Megami class will be the backbone of continuous naval shipbuilding in Western Australia.
01:08The Australian government says this agreement is all about getting the ships that Australia needs as quickly as possible.
01:16And that may well be true.
01:18But there's also undeniably a clear strategic element to this as well.
01:23Australia and Japan are sometimes called allies in all but name.
01:28And the contract that's now been signed cements that status.
01:32Which could bring other benefits.
01:35We can create a seamless defence industry environment between our two countries.
01:41In a more uncertain world, that could be priceless.
01:46My Lord.
01:48I was actually got a question.
01:48Our self- cl image is a pleasure.
01:50Let'sbro.
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