CANBERRA: The landmark free trade agreement between Australia and Japan has come into force. When it is fully implemented, more than 97 percent of Australian exports will receive preferential or duty-free access to Japan.
The Japan-Australia Economic Partnership Agreement (JAEPA) was signed in July 2014. According to a joint statement issued by the Australian Prime Minister Tony Abbott and his Japanese counterpart Shinzo Abe, the deal “lays the foundation for the next phase of bilateral economic relations, and will strengthen ‘the special strategic partnership’ between Japan and Australia.”
Under the terms of the agreement, 99.7 percent of Australia’s exports of resource, energy, and manufacturing goods will now enter Japan duty-free. Rapid tariff reductions for beef, Australia’s largest agricultural export to Japan, also commenced on January 15. Japan’s 15 percent tariff on bottled Australian wine will be eliminated over the next seven years, and the majority of Australia’s fruit, vegetables, nuts, and juice exports will benefit from the speedy removal of tariffs.
