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Japan, Australia Agree on Trade Pact
Australia and Japan have reached agreement after seven years of talks on a bilateral trade deal that, among other things, will eliminate Australian tariffs on imported Japanese cars.
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Australia and Japan have reached agreement after seven years of talks on a bilateral trade deal that, among other things, will eliminate Australian tariffs on imported Japanese cars.
The accord is expected to be finalized later this year. The pact comes as Australia's domestic auto industry faces extinction by 2017 when General Motors and Toyota shut down local production. Last year only 10% of new vehicles sold in Australia were built there.
The Australian-Japan agreement focuses primarily on agricultural products, electronics and Australian beef. Analysts say the accord is likely to spur negotiators to accelerate talks to finalize a multinational pact among the 12 members of the Trans-Pacific Partnership, which includes the two countries.
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