Australian wool and cotton are expected to enter this country with zero tariffs

Recently, Australian Prime Minister Tony Abbott and visiting Japanese Prime Minister Shinzo Abe signed the “Economic Partnership Agreement” between the two countries, which is a free trade agreement between the two countries.
After several years of negotiations, Australia and Japan have reached an agreement on a free trade agreement, making Australia the first major agricultural exporter to reach a trade agreement with Japan. It is reported that after the agreement is signed, Japanese manufacturing products will enjoy lower tariffs to enter the Australian market, and Australian beef, dairy products, horticultural products, grain and other products will also have easier access to the Japanese market. According to negotiation details revealed in April this year, Australian wool, cotton and beer industries may enter Japan with zero tariffs.
Japan is Australia’s second largest trading partner, after China. In the 2012-2013 fiscal year, the bilateral trade volume between Australia and Japan was approximately A$70 billion (approximately US$65.5 billion). In addition, Japan is Australia’s second largest export market for agricultural products. With the signing of this agreement, Australia became the first major agricultural exporter to break Japan’s high trade barriers.