Autumn 2018 Update

On 8 March the Comprehensive Progressive Agreement for Trans Pacific Partnership (TPP-11) was signed in Santiago by the governments of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The TPP-11 will enter into force once the signatories have notified completion of their domestic legal procedures.

 

The election result gives Prime Minister Abe a fresh mandate to continue the government’s bold monetary, fiscal and structural changes which have helped break the deflationary cycle in Japan and created six

The TPP-11 is good news for Victorian exporters to Japan, building on some of the existing terms under the Japan Australia Economic Partnership Agreement (JAEPA). While the US is yet to sign on and has no bilateral trade agreement with Japan, this agreement continues to give Australia a competitive advantage over one of Japan’s other key trading partners.

Food exporters, in particular, are expected to benefit under TPP-11. Accelerated reduction of tariffs on beef, a reduction in tariffs on pork cuts, increased quotas for wheat and barley, elimination of tariffs on certain cheese products and tariff reductions and new quota allocations for others, an extended period for lower "out of season" tariffs on oranges, and elimination of tariffs on fruit juices within 10 years, are just some of the benefits to Victorian exporters.

Victorian government continues to support food exporters to Japan through a number of initiatives including the recent Trade Mission to Foodex (Japan’s largest trade fair for the food and beverage industry), support for Meat and Livestock Australia’s programs promoting grass fed beef and lamb, and promotion of horticultural products through the ‘Taste of Australia’ program.

Companies looking for more information on taking advantage of free trade agreements should note that Austrade is offering a program of free seminars. Find out more information about the seminars by visiting our "What's on" section of the website.

Information on tariffs and useful information on market size can be found at DFAT’s FTA portal.

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