Tax-news | 19 April 2017
Australia looking to expand trade with Japan
by Mary Swire
Australia is seeking to progress the implementation of its free trade agreement with Japan, Trade Minister Steven Ciobo has said.
Ciobo is leading a business delegation to Japan, the major focus of which is to discuss the implementation of the Japan-Australia Economic Partnership Agreement (JAEPA).
JAEPA entered into force on January 15, 2015. A fourth round of JAEPA tariff cuts entered into force on April 1, with agricultural and food exporters expected to benefit most. Future phased tariff reductions and quota increases will continue to occur on April 1 each year.
Ciobo said: "Australia is the only major agricultural exporter to have a Free Trade Agreement with Japan and our exports are booming under this landmark agreement."
He added: "The Turnbull Government is committed to expanding trade and investment with Japan as we work together to advance our shared commitment to a global system of open, liberalized trade."