16 January 2015
Victorian Exporters to reap benefits from Trade Agreement with Japan.
The landmark Australia-Japan Economic Partnership Agreement (JAEPA) entered into force on Thursday 15 January 2015. JAEPA is by far the most ambitious trade deal that Japan has ever concluded, particularly in agriculture. It allows for two tariff cuts in quick succession, with the next round of tariff cuts to take place on 1 April 2015. Subsequent phased tariff reductions will also occur on 1 April each year.
More than 97 per cent of Australia's exports to Japan will receive preferential access or enter duty-free when the Agreement is fully implemented. There will be a rapid tariff reduction for our largest agriculture export beef, worth $1.4 billion, and there are strong outcomes across horticulture, wine, seafood and processed foods. All Australia's current resources, energy and manufacturing exports will enter Japan duty-free entry within ten years.
The Agreement guarantees broad access to the significant and well-developed Japanese services market for Victorian suppliers. It also provides enhanced protections and certainty for Victorian investors in Japan. It sends a clear message to Japanese investors that Australia is open for business.
JAEPA is one of three bilateral trade agreements the Government has concluded with our North Asian trading partners which will provide major market access gains for Australian exporters.
The Korea FTA entered into force on 12 December 2014, and Australia and China announced the conclusion of FTA negotiations on 17 November 2014.
The full text of the agreement is available on the DFAT website together with a range of fact sheets and explanatory materials.