Business booms for Aussie exporters as Japan FTA cuts tariffs again

Tariffs under the Japan-Australia Economic Partnership Agreement (JAEPA) have been cut for the fourth time. JAEPA has eliminated tariffs on more than 3,400 Australian product lines since it entered into force. These tariff cuts continue to give Australian exporters a competitive edge in Japan, our second biggest trading partner.

Australia is the only major agricultural exporter to have a Free Trade Agreement (FTA) with Japan, and our exports are booming under this landmark agreement. Between 2014 and 2016 Australian exports of fresh table grapes increased 5183.5 per cent (not a typo) to $30.8 million, carrot exports increased 499.9 per cent to $3.4 million and beef exports increased by 22.5 per cent to almost $1.1 billion. Australian exports of honey and rolled oats both roughly doubled, fresh orange and asparagus exports grew by almost 50 per cent and bottled wine exports increased by 13 per cent to reach $35.6 million. Over the same period, Japanese imports of Australian sugar have more than doubled.

At a time when some are calling into question the benefits of international trade, the results of opening access to new markets through agreements like JAEPA are more important than ever. Our farmers produce more than Australia can consume so they need access to the world to thrive and prosper. Trade agreements like JAEPA have unlocked the door to markets that are worth billions of dollars to the Australian economy, creating jobs and promoting job certainty.

The Turnbull Government is committed to pursuing an ambitious trade agenda and creating new export opportunities for Australian businesses because more exports means more jobs. Openness to international trade and investment is central to Australia's prosperity.