Australian Beef, Cheese Favored in Trade Deals With Japan, Korea

Australian Prime Minister Tony Abbott sealed trade deals with Japan and South Korea as he seeks to boost exports of everything from beef to canned tomatoes and lower prices on cars and appliances for consumers.

Abbott was in Seoul today to complete the Korean pact, after almost five years of talks. Under the agreement, tariffs on Australian beef will be eliminated over 15 years, while levies on all Korean cars will be lifted within three years with those on some gasoline models dropped immediately, the South Korean Trade Ministry said in a statement.