Tax-news | 4 April 2017
New wave of Australia-Japan FTA tariff cuts
by Mary Swire
The fourth round of tariff cuts under the Japan-Australia Economic Partnership Agreement (JAEPA) entered into force on April 1, the Australian Government has announced.
According to the Australian Government, agricultural and food exporters will in particular benefit from the latest tranche of cuts.
Barnaby Joyce, Deputy Prime Minister and Minister for Agriculture, said: "This fourth round of cuts includes chilled and frozen beef tariffs falling to 29.9 percent and 27.2 percent, respectively, down from 38.5 percent. Beef remains our leading agricultural export to Japan, worth AUD1.8bn in 2016."
The Government said that among the other products to benefit are honey (a further 2.3 percent cut), Southern Bluefin tuna (a further 0.4 percent cut), oranges (a 1.4 percent cut), mandarins (a one percent cut), and grated cheese (a 1.2 percent cut). Japanese tariffs on pumpkins and melons have been cut to zero.
JAEPA entered into force on January 15, 2015. Future phased tariff reductions and quota increases will continue to occur on April 1 each year.