Entry into force of the Japan-Australia Economic Partnership Agreement (JAEPA), a free trade agreement, will take place on January 15 next year, Federal trade minister Andrew Robb has announced.
Diplomatic notes were exchanged in Canberra on December 15, signifying that both countries had completed all their domestic legal and administrative procedures, which brings the treaty into force 30 days later.
“JAEPA will deliver substantial benefits for the Australian economy and the deal means that our exporters will benefit from an immediate round of tariff cuts by Japan on January 15, followed by a further round of cuts on April 1, 2015,” Mr Robb said.
“Like the back-to-back tariff cuts provided by the Korea-Australia Free Trade Agreement, this will deliver immediate benefits for exporters and significantly enhance their competitive position in the Japanese market,” he added.
Key benefits of the treaty include 99.7% of Australia’s exports of resource, energy and manufacturing products will enter Japan duty-free.