Article – Australia, Japan free trade deal begins22 January 2015
15 January 2015
Some Australian products imported to Japan will receive preferential or duty free access from Thursday when a free trade agreement between the two countries begins.
High beef tariffs will drop by about a fifth and other goods including prawns, lobsters, asparagus, cherries, grapes, macadamia nuts and almonds will no longer be subject to duty, trade minister Andrew Robb said.
Japanese cars, electronics and white goods will be cheaper in Australia under the deal.
‘We’ve already begun to see the benefits to Australian consumers of cheaper Japanese cars, with three manufactures reducing the cost of family-sized cars by up to $2600, with savings of up to $7600 for higher-end models,’ Mr Robb said.
Prime Minister Tony Abbott and Japanese Prime Minister Shinzo Abe said the deal, known as the Japan-Australia Economic Partnership Agreement (JAEPA), was the ‘most significant bilateral economic agreement’ made in more than 50 years.
‘The prime ministers look forward to Australian and Japanese businesses working together to make the most of the opportunities provided by JAEPA,’ they said in a joint statement.
Courtesy of Sky News