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Australia,China : AUSTRALIA, Japan to strengthen bilateral relationship to promote three-party COOPERATIVE PACT [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Australia would sign a historic free trade deal with Japan, which could see prices fall on everything from electronics to sake, with one target in mind: China. Both the parties would ink deal for offering Australia with valuable preferential access to Japan s $4.9 trillion economy. The major beneficiaries over the long-term are the consumers wanting cheap cars, plus those in the tourism, education and health care sectors since the deal strips away prohibitive barriers, which can make trade difficult and expensive. Both of them are toughening its bilateral relationship with efforts to boost a three-party cooperative pact, comprising the United States to counter the maritime advances being made by China. As per Abbott, Abe, "We discussed the unilateral attempts by China to change the status quo in the East China Sea. We hold strong expectations that China will fulfill a constructive and cooperative role in relation to regional issues." International Business professor and former Austrade chief economist Tim Harcourt added, For the consumer the idea is you get cheaper Japanese products into Australia whether it s cars, or computers or sushi or sake. That s the benefit for us. For Japan, they buy so much stuff from us they re going to want to run their economy which is very much reliant on Australia. The value of a free-trade agreement is estimated to add up to $39 billion worth of GDP in Australia and $27 billion for Japan . It is anticipated that this free trade agreement is to be a goldmine for service industries, comprising financial, legal and telecommunications businesses that could benefit from greater access to the Japanese market. As per Mr Harcourt, The Japanese market will expand for a lot of Australians, There will probably be cheaper holidays and more Australian business presence in Japan. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |