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Japan FTA Delivers Benefits Across Deakin
The benefits stemming from Australia’s Free Trade Agreement with Japan will be felt right across Deakin, with local businesses and consumers set to reap the rewards of the deal, said Michael Sukkar, Federal Member for Deakin.
The landmark Japan-Australia Economic Partnership Agreement (JAEPA) enters into force today, which means more than 97 per cent of Australia’s goods exports to Japan will receive preferential access or enter duty-free, once it’s fully implemented.
“From today, exporters in Deakin will benefit from an immediate round of tariff cuts by Japan. This will be followed by another round of cuts in less than three months on 1 April,” Mr Sukkar said.
Mr Sukkar said given Japan is Australia’s second-largest export destination, JAEPA paves the way for a significant boost in opportunities for businesses in a range of industries including services – such as financial, education, telco and legal services – manufacturing, agriculture and processed foods, and resources.
“For businesses, large and small in Deakin, this will enhance their competitive position in the Japanese market, placing them ahead of other international exporters, and I urge all business people to take advantage of this and seek-out potential avenues for trade,” Mr Sukkar said.
JAEPA is the most ambitious Free Trade Agreement that Japan has concluded with a trading partner, and Mr Sukkar said it was not only exporters who stand to benefit.
“Consumers in Deakin are also expected to gain from the Agreement, particularly those in the market for a new set of wheels; Japanese car-makers have reduced the cost of various models with savings ranging from $260 to $2600 for typical ‘family’ vehicles,” he said.
JAEPA is the second of three historic trade agreements concluded by the Abbott Government since coming to office.
The Agreement with Korea entered into force late last year, while it is hoped the Free Trade Agreement with China will enter into force in the second half of this year.
“These agreements will benefit the residents of Deakin by enhancing economic growth and creating jobs, leading to greater prosperity and higher living standards for the entire community,” Mr Sukkar said.
Further information on the Agreement can be found at: http://www.dfat.gov.au/fta/jaepa/
Australian businesses are encouraged to use a step-by-step guide to accessing preferential tariffs on exports to Japan. The guide is available at: www.dfat.gov.au/fta/jaepa/fact-sheets/guide-to-using-jaepa-to-export-and-import-goods.html