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Japan-Aust free trade pact turns three

The Japan-Australia free trade pact has clocked up its third anniversary and business is booming for wine and beef exporters.

Australian honey, wine and beef exporters had a lucrative 2017 in sales to Japan.

On the eve of Prime Minister Malcolm Turnbull's visit to Tokyo this week, the Japan-Australia free trade deal clocked up its third anniversary.

Trade Minister Steve Ciobo said further tariff cuts were due in April.

He said 97 per cent of Australia's exports now enter Japan duty-free or under preferential tariff rates.

Honey exports grew 66.1 per cent in the first three quarters of last year, wine was up 52.6 per cent and frozen beef was up 32 per cent.

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Trade and investment are a key focus of Mr Turnbull's one-day visit on Thursday.

Mr Turnbull and Japanese leader Shinzo Abe have been champions of the Trans-Pacific Partnership trade agreement which is still in limbo.

There were hopes the agreement could be revived at the Asia Pacific Economic Co-operation summit in Vietnam last year, without the US.

However, Canada threw a spanner in the works at the last moment when it also withdrew from the agreement.


1 min read

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Source: AAP



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