Japan and Australia agree trade deal
8 April 2014 Last updated at 02:45 BST
Japan and Australia have reached an agreement over a trade deal that will lower tariffs between the two nations.
Australian Prime Minister Tony Abbott and Japanese Prime Minister Shinzo Abe confirmed a basic agreement and are aiming to signing a deal soon.
The deal will have numerous benefits, including lowering the price of imported Japanese cars in Australia, and a boost to exports of Australian beef to Japan.
Shane Oliver, chief economist from AMP Capital, explained to Rico Hizon some of the advantages of the deal.