Japan and Australia have signed a trade accord that is expected to reduce prices for imported Aussie beef and wine and lower tariffs for Japanese car exports.
Japanese Prime Minister Shinzo Abe signed the economic partnership agreement with Australian counterpart Tony Abbott here on Tuesday during his Oceania tour. The accord will take effect as early as the first half of next year after it is ratified in each country.
I – Word Understanding
accord – special agreement
ratified – agreement by voting
II – Have Your Say
1. Kobe beef is a delicacy renowned throughout the world for its succulent flavor and exorbitant prices. In fact, its quality is so high that in many countries, including the United States, there is no beef grading category (e.g. prime, choice) to accommodate true Kobe beef.
2. Did you know?
Japan is Australia’s 2nd largest export market. Products and services include:
* natural cheese
* iron ores
* energy (petroleum, LNG,coal)
* tourism (education and non-educational)
3. Australia and Japan, becoming allies in a special relationship,, will join up with the US in a strong military alliance. According to reports, the alliance is aimed at reducing China’s influence in the area.