The benefits stemming from Australia’s Free Trade Agreement with Japan will be felt right across Pearce, with local businesses and consumers set to reap the rewards of the deal.
Federal Member for Pearce, Christian Porter, said the landmark Japan-Australia Economic Partnership Agreement (JAEPA), which enters into force today (15 January, 2015), means more than 97 per cent of Australia’s goods exports to Japan will receive preferential access, or enter duty-free, once it’s fully implemented.
“From today, exporters in Pearce will benefit from an immediate round of tariff cuts by Japan,” Mr Porter said.
“This will be followed by another round of cuts in less than three months on 1 April.
“Given that Japan is Australia’s second-largest export destination, the JAEPA paves the way for a significant boost in opportunities for businesses in a range of industries.
“Importantly, the elimination of wheat and wine tariffs will provide a significant boost to our local Swan Valley wine producers and Wheatbelt farmers.
“Local Pearce vegetable and fruit growers, broad-acre farmers, seafood exporters, cattle, pork and sheep farmers, will also benefit with an enhanced competitive position in the Japanese market, placing them ahead of other international exporters.”
JAEPA is the most ambitious Free Trade Agreement Japan has concluded with a trading partner and Mr Porter said it was not only exporters who stand to benefit.
Consumers in Pearce are also expected to gain from the Agreement, particularly those in the market for a new car with the price of a typical Japanese ‘family’ car expected to decrease between $260 and $2600.
JAEPA is the second of three historic trade agreements concluded by the Coalition Government since coming to office.
The Agreement with Korea entered into force late last year, while it is hoped the Free Trade Agreement with China will enter into force in the second half of this year.
“These agreements will benefit the residents Pearce by enhancing economic growth and creating jobs, leading to greater prosperity and higher living standards for the entire community,” Mr Porter said.
Further information on the Agreement can be found at: www.dfat.gov.au/fta/jaepa/
Australian businesses are encouraged to use a step-by-step guide to accessing preferential tariffs on exports to Japan.