Australia Japan Free Trade Agreement Benefits

António Enes From the outset of JAEPA implementation, 99.7% of Australia`s exports of resources, energy and manufacturing products arrived in Japan duty-free. If fully implemented on 1 April 2034, all current exports of raw materials, energy and industrial goods to Australia will benefit from the tariff exemption. This publication was made before the current government The Japan-Australia Economic Partnership Agreement (JAEPA) entered into force on January 15, 2015. Japan is the world`s third-largest economy and has a long-standing and important trade relationship with Queensland. It is Queensland`s second-largest trading partner, with goods exports worth $8.8 billion, or nearly 20% of Queensland`s total exports. The Japan-Australia Economic Partnership Agreement (JAEPA) offers considerable benefits to the Australian economy and facilitates its activities with Japan, our second largest trading partner. The agreement will strengthen and deepen trade between two of the largest economies in the Asia-Pacific region. For more information on the likely benefits of the agreement, please see the factsheet on the Japan-Australia Economic Partnership Agreement of 26 August 2016 [pdf, 0.5 MB]. This revolutionary agreement will significantly improve Australian businesses` access to the world`s third-largest economy. To explore the potential benefits of JAEPA for Australian businesses, check out the FTA tool developed by the Export Council of Australia. This website helps Australian exporters navigate quickly and easily through the basics of all Australian Free Trade Agreements (SAAs). Companies can search the country and sector to determine how free trade agreements can facilitate activities.

Japan is an economic heavyweight: it is the world`s third-largest economy, worth nearly $5 trillion in 2013, and Australia`s second-largest trading partner. Two-way trade between Japan and Australia amounted to $70.8 billion in 2013, or more than 10% of Australia`s total trade. The agreement has removed barriers and opened up new opportunities for Australian professional service providers in areas such as law, finance and design, to name a few. It will also bring significant benefits to Australian farmers, producers, exporters, service providers and consumers by removing barriers to the Japanese market. URAPA is Australia`s second bilateral trade agreement with a major trading partner in North Asia, following the signing of a free trade agreement (FTA) with Korea in April 2014. A free trade agreement with China is being negotiated. Together, these three economies account for more than half of Australia`s exports. The signing of the Japan Australia Economic Partnership Agreement (JAEPA) in July 2014 was a monumental event in the history of bilateral relations between Australia and Japan. It promises to bring the two economies and societies even closer together and create a new era of growth in trade in goods and services, which were previously constrained by government-imposed barriers and restrictions. . .