JAEPA - Japan-Australia Economic Partnership Agreement now in force
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As reported by DFAT, the Japan-Australia Economic Partnership Agreement entered into force on 15th January.
Japanese Prime Minister Shinzo Abe and Australian Prime Minister Tony Abbott warmly welcome the entry into force on 15 January 2015 of the Japan-Australia Economic Partnership Agreement (JAEPA).
JAEPA represents an historic development in economic relations between Japan and Australia and is the most significant bilateral economic agreement since the 1957 Agreement on Commerce.
JAEPA lays the foundation for the next phase of bilateral economic relations, and will strengthen “the special strategic partnership” between Japan and Australia.
JAEPA will deliver significant economic benefits to both countries, through increased trade in high-quality goods and services, an easing of bilateral investment restrictions and promoting economic growth.
The Prime Ministers look forward to Australian and Japanese businesses working together to make the most of the opportunities provided by JAEPA.
“JAEPA is the most liberalising trade agreement Japan has ever signed, giving Australian exporters a significant advantage over their competitors. Its commencement also comes at a time when a softer Australian dollar is working to the benefit of our exporters,” Mr Robb said.
Along with export opportunities, Mr Robb said JAEPA presents benefits for consumers, with cheaper import prices on a range of goods, including cars, white goods and electronics.
“We’ve already begun to see the benefits to Australian consumers of cheaper Japanese cars, with three manufactures reducing the cost of ‘family’ sized cars by up to $2600, with savings of up to $7600 for higher-end models,” Mr Robb said.
“When you consider petrol prices are now at a four-year low, there’s certainly savings to be had for motorists during the busy summer holiday period,” he said.
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
If you require assistance or specific informattion relating to the importation of goods from japan and how JAEPA will effect you, please contact TCF International to speak with one of our licenced customs brokers.