Transcript: Opportunities for Australian businesses under the Japan-Australia Economic Partnership Agreement
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Translated from Japanese: Hello everyone. My name is Leonie Muldoon and I’m the Senior Trade Commissioner for Austrade in the Australian Embassy in Japan.
The Japan-Australia Economic Partnership Agreement opens up a wealth of opportunity for Australian exporters and service providers.
JAEPA removes or reduces tariffs in a whole range of critical sectors and really helps Australian businesses enter or expand their operations in the Japan market.
It makes a range of our goods in the Japan market very competitive and it opens up a very big service sector market to Australian service sector providers. In addition to that, it also makes investment into Australia much more attractive.
Japan imports 61% of everything that’s consumed and therefore it will continue to look overseas for products to meet that demand.
JAEPA really improves market access for Australian producers in the beef, dairy, fruit, wine and nuts area specifically. Australia’s wealth management firms are very well positioned to benefit from the opportunities opened by JAEPA.
Japan is the second largest capital market in the world and supports about A$17 trillion in investible wealth.
For Australian fund management firms that have expertise across a whole raft of product sectors, this is a major opportunity.
Japan is a major investor in south-east Asia. Japanese companies have substantial businesses in those markets and there is a real opportunity for Australian service sector providers to connect with Japanese firms in those third markets.
Japan has very low energy self-sufficiency, so it’s heavily dependent on imports. Tariffs on 99.7% of energy and mineral imports from Australia are eliminated under JAEPA.
The one thing I’d like to remind Australian companies about the Japan market is simply just how big it is, but also that it’s a reliable and predictable market. It’s a market that you’ll find tremendously rewarding.
Austrade is very well positioned to both connect you with key importers, distributors and customers in the market, but also to support you in building those deep relationships which are going to set you up for business success in the future.