7 Apr 2014
Australia announces bilateral trade deal with Japan
FXStreet (London) - Australia and Japan have reached a free trade agreement that is expected to add hundreds of millions of dollars to bilateral trade.
Australian dairy producers are expected to double their export capacity to Japan, while Australia will remove 5 percent tariffs from the Japanese imports.
The agreement was announced overnight by Australian trade minister Andrew Robb in Tokyo, ahead of prime minister Tony Abbott’s meeting with Japanese prime minister Shinzo Abe to complete the agreement.
The agreement follows a recent similar agreement between Australia and South Korea, which will be formalised tomorrow when Tony Abbott travels to Seoul.
In a statement released by Andrew Robb, he said that the Japan agreement “will benefit greatly Australian businesses, Australian jobs and Australian consumers with cuts in car prices of up to AUD1,500 for the average car.”
The deal comes as part of discussions to form a Trans Pacific Partnership – a regional trade pact that includes Australia, Japan, Singapore, New Zealand and others.
Australian dairy producers are expected to double their export capacity to Japan, while Australia will remove 5 percent tariffs from the Japanese imports.
The agreement was announced overnight by Australian trade minister Andrew Robb in Tokyo, ahead of prime minister Tony Abbott’s meeting with Japanese prime minister Shinzo Abe to complete the agreement.
The agreement follows a recent similar agreement between Australia and South Korea, which will be formalised tomorrow when Tony Abbott travels to Seoul.
In a statement released by Andrew Robb, he said that the Japan agreement “will benefit greatly Australian businesses, Australian jobs and Australian consumers with cuts in car prices of up to AUD1,500 for the average car.”
The deal comes as part of discussions to form a Trans Pacific Partnership – a regional trade pact that includes Australia, Japan, Singapore, New Zealand and others.