Exporters and businesses on the Mid North Coast are winning with another round of tariff cuts announced under the Japan-Australia Economic Partnership Agreement (JAEPA).
Nationals Member for Cowper, Luke Hartsuyker, said this is the fifth round of tariff cuts to come into effect, delivering new benefits to Mid North Coast businesses.
“April 1 brought another round of tariff cuts for local exporters, following cuts earlier this year under agreements in place with China and the Republic of Korea,” Mr Hartsuyker said.
“Under JAEPA, almost 96 per cent of eligible products exported by Mid North Coast and Australian businesses to Japan made use of the agreement’s preferential tariffs in 2017.
“JAEPA is creating new jobs locally as businesses expand and employ additional workers to meet the demand created by the agreement, especially for products like fresh and frozen beef, that received these new tariff cuts.”
Mr Hartsuyker said Australia’s goods exports to Japan were valued at $45 billion last year, a rise of 24 per cent compared to 2016, and services exports in 2016-17 were worth $2.5 billion, a rise of almost 9 per cent over the previous year.
“Japan is our second-largest trading partner and the world’s third largest economy so it’s great to see the Mid North Coast benefit from access into this market under JAEPA.
“The Coalition Government is pursuing the most ambitious trade agenda in Australia’s history and the new TPP-11 will build on JAEPA outcomes, with accelerated tariff reductions secured for beef, grains, seafood and dairy.”