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Bishkek (AKIpress) - Japan and Australia are likely to reach their free trade agreement (FTA) during a summit between the two nations' prime ministers, namely Shinzo Abe and Tony Abbott, Xinhua reported.
“I am confident that a long-awaited free trade economic partnership agreement between Japan and Australia will shortly be finalized,” said visiting Abbott in a speech during a luncheon hosted by Japanese business leaders on Monday.
Japan has decided to lower its tariffs on beef exported by Australia by up to half, while Australia has basically agree to drop its 5-percent tariff on Japanese automobiles.
The two sides aim to reach an FTA accord this summer and to make it enter into force by the end of 2015. If the accord is reached, Australia will be the first major farm-exporting nation to conclude an FTA with Japan.