New Australia-Japan Free Trade Agreement
Trade negotiators from Japan and Australia today announced the successful conclusion of negotiations on an agreement, known as the Japan Australia Economic Partnership Agreement, that will lead to wide-ranging reciprocal reduction in trade barriers between the two countries. According to the Australian government, more than 97% of Australia’s exports by value to Japan will gain duty free access to the Japanese market. Significant tariff reductions are expected in agricultural markets, such as beef, which have until now been heavily protected in Japan.
As tariffs fall, attention will turn to remaining non-tariff measures, specifically in the form of regulation. Even when such measures do not discriminate against foreign products, they can increase the cost of trade and doing business. This can be due to poor design, or because they depart substantially from international standards.
Frontier Economics has extensive experience in regulatory design, and has recently completed research into a range of non-tariff measures in Japan, and on how these can be handled through trade negotiations between the EU and Japan.
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