Japan and Australia Finalize Trade Deal

Japan and Australia have agreed a trade deal which will see them lower tariffs on imports of key products.

Japan has agreed to lower duties on Australian beef and raise the duty-free quota on cheese – Australia’s biggest dairy export to Japan.

Australia will cut tariffs on Japanese electronics, cars and white goods.

The deal, agreed after seven years of negotiations, is expected to be finalised later this year when Japan’s prime minister visits Australia.

Australia’s Prime Minister Tony Abbott, who is currently visiting Japan, called the pact a historic one.

“This is the first time that Japan has negotiated a comprehensive economic partnership agreement or free trade agreement with a major economy, particularly a major economy with a strong agricultural sector,” Mr Abbott said.

via BBC

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