BIG NEWS -- Could todays signing of a Free Trade Agreement between Australia and Japan herald an opening up of vehicle imports and finally bring our prices and choice in line with other countries ? AUSTRALIA is on the verge of inking a historic free trade agreement with Japan that could see prices fall on everything from electronics to sake. Japanese Prime Minister Shinzo Abe has arrived in Australia in what is the first visit by a Japanese leader in 12 years. Today he will sign a free trade agreement with Prime Minister Tony Abbott that has been seven years in the making and is designed to provide Australia with “valuable preferential access” to Japan’s $4.9 trillion economy. The country of 127 million is already our second biggest trading partner, responsible for $70 billion, or 11 per cent, worth of total trade. So what are we really going to get out of an agreement billed as the most “liberalising bilateral agreement” ever? Here’s what it means for you: CONSUMERS Eyeing up a new car or laptop? It could be best to hold off as the main benefit for Australian consumers will be cheaper appliances and electronics produced in Japan. International Business professor and former Austrade chief economist Tim Harcourt said consumers wanting cheap cars, plus those in the tourism, education and health care sectors will be the major beneficiaries over the long-term as the agreement strips away prohibitive barriers that can make trade difficult and expensive. “For the consumer the idea is you get cheaper Japanese products into Australia whether it’s cars, or computers or sushi or sake.” “That’s the benefit for us. For Japan, they buy so much stuff from us they’re going to want to run their economy which is very much reliant on Australia. The value of a free-trade agreement is estimated [to add] up to $39 billion worth of GDP in Australia and $27 billion for Japan,” he said. BUSINESS OWNERS The deal is also expected to be a goldmine for service industries including financial, legal and telecommunications businesses that could benefit from greater access to the Japanese market. “The Japanese market will expand for a lot of Australians,” Mr Harcourt said. “[There will] probably be cheaper holidays and more Australian business presence in Japan.” A delegation of the head of Japanese industrial giants Mitsubishi, Mitsui, Nippon Steel and NEC — whose companies’ market capitalisation is nearly equal to the gross domestic product of Denmark will also arrive in Australia for the signing of the agreement and Mr Abbott has said it will lead to greater job opportunities in Australia. This article courtesy of: news.au/finance/economy/australias-free-trade-agreement-with-japan-could-see-prices-fall-for-consumers/story-e6frflo9-1226980714601 Have a look at whats available in Japan. Receive FREE daily alerts from our Japanese auction system for any model plus up to 3 months of past auction results at prestigemotorsport.au/usearch.php
Posted on: Tue, 08 Jul 2014 01:20:13 +0000
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