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Capitalising on the JAEPA
On 8 July 2014, the Japan-Australia Economic Partnership Agreement (JAEPA) was signed. Taxand Australia provides and overview and discusses the implications of this agreement.
The signing of this agreement is historic. The JAEPA presents great opportunity but what remains to be seen is how well Australian and Japanese businesses capitalise on its potential. The treaty will come into force once Australia and Japan complete their domestic processes.
In addition to the traditional areas of agriculture and resources the JAEPA improves the basis for trade and investment in several other areas, specifically:
- Elimination of tariffs and duties across agricultural produce
- Duty free access and elimination of tariffs across manufacturing and natural resources
- Japanese – Australian import tariffs to be eliminated
- Financial Services providers can now provide one specific service as opposed to a full service
- Improved access to telecommunications networks and providers
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Also published in Thomson Reuters' Taxnet Pro, 8 August 2014
For Australian companies the JAEPA opens the door to Japan much wider than ever before. Looking even further ahead the JAEPA provides a good base for further opportunities in the negotiation of the Trans-Pacific Partnership. For now the importance of the JAEPA and the opportunities it presents for Australia and Japan to do business with each other should not be underestimated.