Townsville Bulletin

Japan opens market

- ANTHONY TEMPLETON

A FREE trade deal between Australia and Japan could fasttrack northern developmen­t with a wave of new infrastruc­ture and business investment in the region.

The Japan Australia Economic Partnershi­p Agreement, signed yesterday in Canberra, reduces tariffs for agricultur­al goods such as beef, fruit and vegetables and eliminates import barriers for energy and minerals including coal.

The tariffs on beef exports to Japan, worth $ 1.4 billion last year, will be reduced by half as part of the deal.

The trade agreement also guarantees access to the Japanese market for a range of services where Australia has an enviable reputation, including financial, legal, education and telecommun­ications services.

Trade Minister Andrew Robb said the agreement could help boost industries based in northern Australia.

“This is the most ambitious trade deal Japan has ever concluded with anyone and affords Australia major concession­s across a range of areas, most notably services and agricultur­e, an area of traditiona­l sensitivit­y for the Japanese,” he said.

“Australian consumers will also benefit from cheaper Japanese cars and parts, and a range of household items in- cluding whitegoods and electronic­s through the eliminatio­n of tariffs.”

Townsville Enterprise chief executive David Kippin said the trade agreement would provide great benefits for the North’s economy.

“There are big advantages for agricultur­e and mining, which are obviously big players in the North, and both are key to Japan,” he said.

Another key component of the free trade agreement was relaxing foreign investment regulation­s for Japanese busisiness­es searching for opportunni­ties in Australia.

“This agreement also sends ds a strong signal to Japanese innvestors that we both welcome me their capital and are open for business, which is most important given Australia is a country that has always relied on foreign investment to develop our commerce, infrastruc­ture and standards of living,” Mr Robb said.

The relaxation on foreign investment rules could provide a huge opportunit­y for North Queensland- based businesses to attract capital for projects.

 ??  ??
 ??  ??

Newspapers in English

Newspapers from Australia