Prime Minister Tony Abbott says a historic free trade deal struck between Australia and Japan will improve prosperity for both nations. After seven years of negotiations between the two nations, Mr Abbott and his Japanese counterpart Shinzo Abe have settled on the major points of the bi-lateral agreement. On the Australian side, beef is the big winner, with a hefty 38.5 per cent tariff to be halved over 18 years. The expected benefits run into the billions. There are also significant advantages for other agricultural products, with fruit and vegetables, seafood, cheese, sugar and wine among the winners. Japanese exporters will see Australian tariffs lowered on electronics, whitegoods and cars, making the average Japanese-made car $1,500 cheaper. More » |
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