Japan FTA delivers benefits across O’Connor

15/1/2015

The landmark Japan-Australia Economic Partnership Agreement (JAEPA) comes into force today meaning 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.

Federal Member for O’Connor Rick Wilson said the benefits stemming from the JAEPA will be felt right across O’Connor, with local businesses and consumers set to reap the rewards of the deal.

“From today, exporters in O’Connor will benefit from an immediate round of tariff cuts by Japan. This will be followed by another round of cuts in less than three months on 1 April,” Mr Wilson said.

“Given Japan is Australia’s second-largest export destination, JAEPA paves the way for a significant boost in opportunities for businesses in a range of industries including agriculture and processed foods, resources, manufacturing and services – such as financial, education, telco and legal services.

“For businesses, large and small, this will enhance their competitive position in the Japanese market, placing them ahead of other international exporters, and I urge all business people to take advantage of this and seek-out potential avenues for trade,” he said.

JAEPA is the most ambitious Free Trade Agreement Japan has concluded with a trading partner and it is not only exporters who stand to benefit.

“Consumers in O’Connor are also expected to gain from the agreement, particularly those in the market for a new set of wheels; Japanese car-makers have reduced the cost of various models with savings ranging from $260 to $2600 for typical ‘family’ vehicles.”

JAEPA is the second of three historic trade agreements concluded by the Abbott 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 O’Connor residents by enhancing economic growth and creating jobs, leading to greater prosperity and higher living standards for the entire community.”

Australian businesses are encouraged to use a step-by-step guide to accessing preferential tariffs on exports to Japan. The guide is available at: www.dfat.gov.au/fta/jaepa/fact-sheets/guide-to-using-jaepa-to-export-and-import-goods.html.

ENDS

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