The Customs Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 were introduced in the House of Reps on Wed 29.10.2014.
The first Bill proposes to amend the Customs Act 1901 to implement Australia’s obligations under Chapter 3 of the Japan-Australia Economic Partnership Agreement. Chapter 3 sets out the rules of origin criteria and related documentary requirements for determining the eligibility of goods to obtain preferential tariff entry into Australia under the Agreement. The complementary Customs Tariff Amendment Bill will amend the Customs Tariff Act 1995 to set out Australia’s tariff commitments under the Agreement.
More than 97% of Australia’s exports to Japan will receive preferential access or enter duty free on full implementation of the Agreement.
There will also be significant new market openings in services and investment.
The Agreement contains simplified and trade facilitative rules of origin and related documentary requirements. Goods imported into Australia that meet the rules of origin, implemented through this Bill, will be entitled to claim preferential tariff treatment in accordance with the Agreement.
The Agreement was signed by the Prime Minister and his Japanese counterpart on 8 July 2014 in Canberra. The Governments of Australia and Japan have agreed to aim for the Agreement to enter into force early in 2015.
[LTN 209, 29/10/14]