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EXPORTERS AND CONSUMERS TO BENEFIT FROM HISTORIC TRADE DEAL

9 July 2014

 

Bennelong MP John Alexander says the historic trade agreement the Abbott government has signed with Japan will leverage our strengths to help drive growth and job creation.

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 enter dutyfree 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 Alexander said.

“In agriculture, tariffs will be slashed or eliminated on items such as beef – Australia’s biggest agricultural export to Japan – and a wide range of fruit, vegetables, wine, seafood, processed food and other commodities.

“The Agreement will also deliver major benefit 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, including cars increases the choice buying power of local households and ultimately leads to improved living standards for Australians,” Mr Alexander said.

The agreement with Japan follows 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 Alexander said.

The full text of the Japan Australia Economic Partnership Agreement is publicly available online at: www.dfat.gov.au/fta/jaepa/