SYDNEY
Australia and Japan on Monday sealed seven years of negotiations with a free trade agreement during Australian Prime Minister Tony Abbott's visit to Tokyo.
According to Australian media, the price of an average imported Japanese car in Australia will drop by up to AU$1,500 as a result of a 5 percent tariff on imported cars being scrapped.
Australian agriculture will also be allowed unprecedented access to Japanese markets with tariffs eliminated on the majority of agricultural products.
Japan was Australia's second-largest trading partner in 2012-13, trade between the two nations valued at AU$69.2 billion, an 8.8 percent decrease on 2011-12.
Australia's exports to Japan, the biggest market for some of Australia's food and natural resource exports, dropped 9.1 percent in 2012-13.
Japan's exports to Australia included passenger vehicles, refined petroleum, goods vehicles and rubber tyres, treads and tubes.
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