The free trade agreement between Australia and Japan which takes effect today has been praised by Appliances Online, with the online retailer promising to pass on any savings to consumers.
The agreement with Japan comes after the Korea-Australia Free Trade Agreement (KAFTA) entered into force on 12 December 2014, reducing tariffs on imports from South Korea.
Minister for Trade and Investment Andrew Robb said the agreement with Japan presents benefits for consumers, with cheaper import prices on a range of goods, including cars, whitegoods and electronics.
However any reduction in price is likely to be minor as Peter Harris, COO, Appliances Online explains:
“Appliances Online welcomes the free trade agreement with Japan and will pass on any savings that come about as a result of the tariff cuts. As the tariff is already low, consumers shouldn’t expect too hefty cuts, however they should enjoy improvements in pricing for Japanese brands including Sony, Panasonic, Sharp and NEC.”
Harris called the deal “a significant win for Australian consumers.”
“Australia’s consumer electronics market is extremely competitive and price is a powerful driver for Australian consumers. We expect retailers will see a surge in sales for Japanese brands, however other Asian players will have strategies in place to ensure they also stay popular with Australians.”
The Minister for Trade Andrew Robb, pointed to car prices as an indication of the pact’s benefits.
“We’ve already begun to see the benefits to Australian consumers of cheaper Japanese cars, with three manufactures reducing the cost of ‘family’ sized cars by up to $2,600, with savings of up to $7,600 for higher-end models,” he said.
“When you consider petrol prices are now at a four-year low, there’s certainly savings to be had for motorists during the busy summer holiday period.”
