Immediately after the launch of JaEPA, 99.7% of Australia`s exports of resources, energy and manufacturing products were freed from tariffs to Japan. After full implementation on April 1, 2034, all current Australian exports of resources, energy and industrial goods will benefit from duty-free imports. This groundbreaking agreement will significantly improve Australian businesses` access to the world`s third largest economy. Japan is an economic heavyweight: it is the world`s third largest economy with a value of nearly $5 trillion in 2013 and Australia`s second largest trading partner. Two-way trade between Japan and Australia totalted $70.8 billion in 2013, or more than 10% of Australia`s total trade. To further explore the potential benefits of JAEPA for Australian businesses, visit the FTA tool developed by the Export Council of Australia. This site helps Australian exporters navigate quickly and easily on the basics of all Australian free trade agreements. Businesses can look for countries and sectors to find out how free trade agreements can facilitate trade activities. JAEPA is the liberalized bilateral trade agreement that Japan has ever entered into and offers Australian exporters, importers, investors and producers a considerable advantage over their international competitors. It will give Australian agricultural exports – many of which reside in Queensland – unprecedented market access and a competitive advantage. The agreement 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. JAEPA is Australia`s second bilateral trade agreement with a major trading partner in North Asia, following the signing of a free trade agreement with Korea in April 2014. A free trade agreement is being negotiated with China. Together, these three economies account for more than half of Australia`s exports.