Abbott breaks new ground in Japan

Federal Labor says the PM shouldn't sign up to a token trade agreement with Japan. Source: AAP

TONY Abbott will walk away from his first trip to Japan with a free trade agreement and a closer strategic partner in the region.

He and counterpart Shinzo Abe have confirmed an historic free trade deal between Australia and its second-largest trading partner after seven years of negotiations.

The prime minister is calling the achievement a milestone in the 60-year bilateral relationship that will foster even stronger future ties.

"I hope that thanks to this agreement that has been finalised today that Australia can be pivotal to ensuring that in the years and decades to come the people of Japan have energy security, resource security and food security," Mr Abbott told a bilateral meeting with Mr Abe on Monday evening.

It's expected they will ratify the agreement when Mr Abe visits Australia and addresses a joint-sitting of parliament in July.

The deal is a major coup for Mr Abbott, who wanted to finalise it as a matter of priority during his two-day visit to Tokyo.

Australian negotiators led by Trade Minister Andrew Robb worked around the clock in order to secure the agreement just moments before Mr Abbott was due to attend an private dinner at Mr Abe's residence on Sunday.

Trade officials say the final result is unprecedented, with Australian exporters tipped to gain significant advantages over competitors and preferential access to Japan's agriculture markets.

Australia's beef farmers are being touted as the big winners, with a reduction in tariffs set to unlock hundreds of millions of dollars for the sector.

The terms on beef aren't as generous as the South Korean FTA signed in December but given fierce resistance from Japanese farming groups to liberalised trade, the Abbott government is claiming victory.

Gains were made for dairy, horticulture and fruit and vegetable exporters, and Australian consumers should also notice a change.

Japanese whitegoods, electronics and cars will become cheaper in Australia, with about $1500 expected to be shaved off the price of an average vehicle.

Japanese investments will now only be referred to the Foreign Investment Review Board if proposals are worth more than $1 billion - up from $248 million.

It's the second trade deal clinched by the government since taking office and brings Mr Abbott a step closer to fulfilling his promise of signing deals with Japan, China and South Korea within a year.

But he's also broken new ground in defence, with both leaders agreeing they want to elevate the bilateral security relationship to a new "special" level.

They will restart the "2+2" meetings on defence co-operation, with their defence and foreign ministers to meet in Tokyo in June.

Mr Abbott also became the first foreign leader invited to address Japan's most senior security council.

It's not clear how these blatantly strategic outcomes will wash in Beijing or Seoul, given Mr Abbott arrived in Japan with a trade agenda.

But there was no question he was among friends in Tokyo, having been extended a rare private dinner invite with Mr Abe and an audience with the Japanese ruling monarch, Emperor Akihito.

He will leave Japan on Tuesday for a brief visit to South Korea before continuing to China.

Labor has welcomed the completion of negotiations but pledged to scrutinise the agreement closely to ensure it is in Australia's national interest.

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