JAEPA is Australia`s second bilateral trade agreement with a major trading partner in North Asia, following the signing of a free trade agreement with Korea in April 2014. A free trade agreement is being negotiated with China. Together, these three economies account for more than half of Australia`s exports. (d) conduct a detailed assessment at sectoral and macroeconomic levels of the effects of the total and partial elimination of barriers to trade in goods and services and investment flows. These are quantitative data in the form of results from economic models and analyses and qualitative materials. The Wire reports on the free trade agreement between Japan and Australia, including an interview with AFTINET organizer Dr. Patricia Ranald. This groundbreaking agreement will significantly improve Australian businesses` access to the world`s third largest economy. The Japan-Australia Economic Partnership Agreement (JAEPA) offers significant benefits to the Australian economy and facilitates business with Japan, our second largest trading partner.
The agreement will strengthen and strengthen trade between two of the largest economies in the Asia-Pacific region. While previous duties on new car imports from Japan have been abolished, the agreement provided for a flat fee of $12,000 for the importation of used vehicles from Japan. [6] Japan is an economic heavyweight: it is the world`s third largest economy with a value of nearly $5 trillion in 2013 and Australia`s second largest trading partner. Two-way trade between Japan and Australia totalted $70.8 billion in 2013, or more than 10% of Australia`s total trade. To promote their mutual interest through the further integration of their economies and the creation of deeper and broader economic ties through the liberalization and expansion of trade and investment; Both countries will work on a balanced and comprehensive basis to liberalize trade and investment between Australia and Japan. (b) to assess recent developments in international trade policy and the potential impact on trade and investment flows between Australia and Japan, with a particular focus on economic integration agreements in the Asia-Pacific region; Dr. Ranald points out that we are not in a position to see the text before the agreement is signed and argues that there should be a more democratic and transparent process for trade agreements.
