— This is the script of CNBC's news report for China's CCTV on April 8, Tuesday.
Welcome to the CNBC Business Daily.
After seven years of negotiations, Japan and Australia have reached a basic trade deal that will cut tariffs on key imports.
This comes as Japan and the US step up TPP trade talks.
And the real winner is? Australian beef.
[JAPANESE PRIME MINISTER, SHINZO ABE] "This substantive agreement we have achieved is historically significant in bringing the relationship between our two countries even closer."
[AUSTRALIAN PRIME MINISTER, TONY ABBOTT] "The relationship between Australia and Japan is about much more than economics and trade and growing wealthy together. It's about respect, it's about values and that's why this is such a very strong partnership."
Japanese Prime Minister Shinzo Abe and Australian prime minister Tony Abbott signed the basic framework in Tokyo.
The deal is expected to be finalized in July.
How then does this deal affect the broader economy?
One of our analysts seem optimistic on the impact that trade deals have on businesses.
Take a listen.
[DAVID WHITELEY, CEO at Industry Super Australia] "The clear connection for us is - any strengthening in relationship between trade ties, investment ties between two countries and regions is of course important and helpful for us. From our perspective, every G20 country, most countries now are going through an ageing population. What it really means is there'll be less people working in the future. We need to have more capital intensive economies, greater investment in infrastructure."
"The connections between Australian businesses and the financial services industry of course, which I work in, and the Chinese financial services industries continue to grow. And the strength of those relationships continue to grow and the opportunities will therefore also grow."
And that wraps up this edition of the Business Daily.
I'm Julia Wood, reporting from CNBC's Asian headquarters.