Japan Australia Closer To Trade Pact Agreement

April 7, 2014 Share Print 0

Japan and Australia will reach a trade deal on Monday, Japanese media said, spurring Tokyo’s parallel talks with the United States as Pacific nations struggle for a broader agreement.
Australian Prime Minister Tony Abbott and his Japanese counterpart Shinzo Abe on Monday, will announce the basic bilateral agreement, featuring cuts to Tokyo’s tariffs on imported beef and Canberra ending its duty on cars, the Nikkei, Asahi and Yomiuri newspapers reported.

While working on the economic partnership agreement with Australia, Japan is also in negotiations with the United States ahead of a visit late this month by President Barack Obama.

The two sets of bilateral talks are meant to help spur an overdue agreement on a broader Trans-Pacific Partnership trade pact.
Abbott had said on Sunday that he hoped for a quick conclusion to thorny free trade negotiations with Japan but suggested time might be needed to ensure conclusion of a “satisfactory” pact.

If Tokyo and Canberra agree, “Australia gets preferential treatment over the U.S., and America will be under pressure to strike a TPP deal short-term that puts it on a level playing field with Australia,” said Aurelia George Mulgan, a professor of Japanese politics at the University of New South Wales.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.