Japan-Australia EPA for Free Trade Takes Effect

Tokyo, Jan. 15 (Jiji Press)--An economic partnership agreement for free trade between Japan and Australia took effect on Thursday in what the two countries' leaders called a "historic development" in their economic relations. The Japan-Australia EPA is "the most significant bilateral economic agreement" since the 1957 Agreement on Commerce, Japanese Prime Minister Shinzo Abe and Australian Prime Minister Tony Abbott also said in a joint statement to celebrate its effectuation. The pact "lays the foundation for the next phase of bilateral relations and will strengthen 'the special strategic partnership' between Japan and Australia," the statement said. The leaders added that the EPA "will deliver significant economic benefits" to both countries through increased trade in high-quality goods and services, an easing of bilateral investment restrictions and the promotion of economic growth. At the first meeting of their EPA-linked joint committee in Tokyo on Thursday afternoon, the Japanese and Australian governments made decisions necessary for the implementation of the pact, including the adoption of operational procedures and rules of arbitration. The meeting was attended by officials including Minoru Kiuchi, Japanese state minister for foreign affairs, and Australian Ambassador to Japan Bruce Miller. Under the EPA, Japan's 38.5 pct beef tariffs will be reduced in stages for Australian produce, coming down to 23.5 pct for chilled meat in the 15th year and to 19.5 pct for frozen meat in the 18th year. The pact calls on Australia to immediately abolish its tariffs on Japanese cars with engine displacements of between 1,500 c.c. and 3,000 c.c. Tariffs on larger vehicles will be removed within three years. END