Minister for Trade Andrew Robb has announced that Australia has concluded negotiations on an historic Economic Partnership Agreement with Japan. The Minister said Australia has broken new ground as the first major agricultural exporting economy to conclude such a liberalising agreement with Japan.
Key features on the Agreement include:
- a halving of the Japanese tariff on frozen beef from 38.5% to 19.5% on full implementation, with deep cuts in the first year;
- the tariff on fresh beef will be cut to 23.5% over 15 years;
- immediate tariff eliminations across a wide array of fruit, vegetables and nuts;
- tariffs will be eliminated on imported cars from Japan, as well as on household appliances and electronics;
- all Japanese tariffs on energy and mineral products will be eliminated within 10 years;
- Australian financial services providers will benefit from commitments made by Japan for the first time, guaranteeing cross-border access for Australian funds managers providing investment advice and portfolio management services.
[LTN 68, 9/4/14]