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Japan and Australia agreed on a free-trade deal yesterday that both sides claim will yield windfalls for their economies.
The deal, which follows seven years of talks, is Japan’s first such pact with a major agricultural economy.
It calls for Japan to reduce its 38.5 per cent tariff on Australian beef to 23.5 per cent within 15 years, although the deal limits how much can be imported.
Japan will also scrap almost all of its tariffs on Australian industrial products within 10 years.
In turn, Australia will end its tariffs on Japanese-made vehicles, household appliances and electronics.
