Back in March we reported on the Australian Prime Minister, Tony Abbott, and his discussions with various countries on accelerated free trade agreements.
Today we are happy to advise that the agreement between Australia and Japan has now been given an implementation timeline – JAPANFTA.
Japan is already Australia’s second biggest trading partner, responsible for $70 billion or 11 percent of our total trade.
It’s been labeled as the most “liberalizing bilateral agreement” ever.
What does this mean for you?
As an importer, exporter or just a member of the public, we can break down just a few advantages of the Japan – Australia Economic Agreement Partnership (Free Trade Agreement) for you:
- Australian Consumers will mainly benefit from cheaper Japanese products, for example new cars or electronic goods.
- Exporters from Australia should see an increase in purchasing from Japan buyers as they benefit greatly from the agreement. 95% of Australia’s chocolate exporters will get to enter Japan duty-free or at a reduced rate.
- Some tariffs on imports will be reduced, with some being abolished all together
There are several more steps that must be completed in parliament prior to commencement.
If you require any further information regarding this announcement, please kindly contact Customs Manager, Phil Gray, directly.