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.
Summer 2018 Update
On 22 October, the Japanese went to the polls and delivered a resounding victory for Prime Minister Abe and his ruling LDP/Komeito coalition. Following the election, Prime Minister Abe was quick to reaffirm it was business as usual which is good news for Victoria for a number reasons.
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 quarters of growth. Prime Minister Abe is also expected to continue promoting his strong international agenda which includes supporting trade liberalisation, promoting global skills development, increasing defence cooperation, building tourism, hosting major sporting events, and creating opportunities for increased collaboration on research and development.
Victorian exporters should benefit from the current government’s international policy agenda through:
- Reduced trade barriers under the Japan Australia Economic Partnership Agreement (JAEPA). Japan, along with the other remaining signatories to the Trans Pacific Partnership is also a key supporter of the revised agreement, TPP11, which would further reduce trade barriers for our exporters to both Japan and the other nine signatory countries should it proceed;
- Increased student numbers through Japan’s study abroad programs and increased opportunities for institution to institution partnerships as Japan prioritises global literacy as a key to economic growth;
- Continued demand for quality food and beverage to meet the needs of Japan’s growing tourism sector, particularly in the lead up to the Olympic Games in 2020;
- Growing opportunities for research and development collaboration with Japan;
- Deregulation which is driving increased interest in investment in offshore funds.