After seven years of negotiations, Australia and Japan have settled on the major points of a bi-lateral trade agreement. Japanese tariffs on beef, fruit, vegetables, seafood, sugar, and wine will be lowered while Australian tariffs on electronics and cars will decline.
Experts believe that this agreement will bring strong mutual benefits, citing the parties’ respective comparative advantages. This agreement marks the first time that Japan has ever negotiated a comprehensive economic partnership agreement with a major economy.
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