Oz-Japan economic deal

FEDERAL Maranoa MP Bruce Scott said the electorate would benefit from a historic economic agreement between Japan and Australia signed on Tuesday, almost 57 years since a progressive post war-economic partnership agreement was first struck between the nations.
“Today’s second historic Japan-Australia Economic Partnership Agreement will leverage our strengths, drive growth and job creation in the Maranoa,” the LNP member said.
Mr Scott was in Canberra on Tuesday to witness the historic signing that is said to benefit Maranoa’s agriculture, horticulture, grain, dairy, wine and resource industries.
When fully implemented, more than 97 per cent of Australian exports will enter Japan – the world’s third-largest economy – duty free or with preferential access.
“Negotiations started in 2007, under the Howard Government, for this ambitious trade deal which affords Australia major concessions across a range of areas, most notably agriculture,” Mr Scott said.
“In agriculture, we’ve secured rapid upfront reductions and almost halved the prohibitive 38.5 per cent tariff on beef, our biggest agricultural export to Japan, worth about $1.4 billion last year.
“Modelling shows this will deliver industry gains from between about $300-$400 million a year while giving us a major advantage over the United States – our fiercest competitor.
Tariffs will also be eliminated on Australian wine (15 per cent), on processed foods and across a wide variety of fruits, vegetables and nuts.
There is also said to be gains for dairy and grains.
“On the resources, energy and manufacturing exports fronts, currently worth $42 billion to Australia, we’ll benefit from tariff-free entry into Japan for effectively 100 per cent of items as soon the agreement comes into force,” Mr Scott said.
“Australian consumers will also benefit from cheaper Japanese cars and parts, and a range of household items including whitegoods and electronics through the elimination of tariffs,” he said.