Australia, Japan free trade deal begins

Australian products will have better access to Japanese markets, while electronics and cars made in Japan will be cheaper in Australia under a trade deal.

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.


Share

1 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world