Trade deal with Japan worth over $70 billion to drive growth and jobs

Australia has signed a historic Economic Partnership Agreement (JAEPA) with Japan, our second-biggest
trading partner with two-way trade worth over $70 billion.

Minister for Trade and Investment, Andrew Robb, said the agreement will leverage Australia’s strengths to drive economic growth and job creation.

More than 97 per cent of Australia’s exports to Japan will receive preferential access or enter duty-free when the Agreement is fully implemented.

“This is the most ambitious trade deal Japan has ever concluded with anyone and affords Australia major
concessions across a range of areas, most notably services and agriculture, an area of traditional
sensitivity for the Japanese,” Mr Robb said.

“JAEPA represents a strong outcome for Australian beef our biggest agricultural export to Japan, as well as for fruit, vegetables, nuts, wine, seafood, processed food and other commodities, with many tariffs eliminated on entry into force,” Mr Robb said.

Effectively 100 per cent of Australia’s resources, energy and manufacturing exports will also benefit from tariff free entry into Japan under this agreement.

JAEPA also guarantees access to the Japanese market for a range of services where Australia has an enviable reputation, including financial, legal, education and telecommunications services. Australian suppliers will also be guaranteed non-discriminatory access to the lucrative Japanese government procurement market.

“Australian consumers will also benefit from cheaper Japanese cars and parts, and a range of household items including white goods and electronics through the elimination of tariffs,” Mr Robb said.

Japanese made components used in Australian production and manufacturing will also become more affordable which will aid our competitiveness.

Cheaper Japanese imports improve consumer buying power and enhance our standards of living.

JAEPA will enter into force after the completion of domestic legal and parliamentary processes by both countries, including consideration by the Joint Standing Committee on Treaties.