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Exporters and Consumers to Benefit from Historic Trade Deal
The historic trade agreement that the Coalition Government has signed with Japan will leverage our strengths to help drive growth and job creation, Federal Member for Deakin, Michael Sukkar said today.
The Japan Australia Economic Partnership Agreement (JAEPA) will result in more than 97 per cent of Australia’s exports to Japan receiving preferential access or duty-free entry when fully implemented.
“This agreement is the most ambitious trade deal Japan has ever agreed to, and provides major opportunities for Australian exporters in a range of areas including agriculture, horticulture, services, resources and energy, as well as manufacturing exports,” Mr Sukkar said.
“In agriculture, tariffs will be slashed or eliminated on items such as beef – Australia’s biggest agricultural export to Japan – and on a wide range of fruit, vegetables, wine, seafood, processed food and other commodities.
“The Agreement will also deliver major benefits to local consumers with tariffs to be eliminated on Japanese cars and parts and a wide range of household items, including white goods and electronics.
“Cheaper imported items from Japan increase the choice buying power of local households and ultimately lead to improved living standards for Australians.”
Negotiations on the Japan trade agreement commenced back in 2007 and the Coalition Government was able to conclude in seven months what the previous Labor government failed to conclude in six years.
This comes after the successful conclusion of a Free Trade Agreement with Korea, while the conclusion of an agreement with China, our biggest trading partner, also remains a realistic objective this year.
“Japan, Korea and China represent our three biggest export markets, worth a combined 50 per cent. The conclusion of trade agreements with the major economies of North Asia will place Australia in a strong position to capitalise on exploding middle class demand in the region,” Mr Sukkar said.
The full text of the Japan Australia Economic Partnership Agreement is publicly available online at: www.dfat.gov.au/fta/jaepa/