EU/Japan: Economic Partnership Agreement launched on 01/02/2019!
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Theme: |
International customs and tax regulations |
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Country: |
EU / JAPAN |
The European Parliament voted on theEU-Japan Free Trade Treatyend 2018 (cf. JEFTA: EU/Japan Free Trade Agreement... it's for 2019!), following on from the National Diet of Japan, and thus concluding the parliamentary ratification of the Economic Partnership Agreement (EPA) by the two partners: its entry into force is scheduled for 1andFebruary 2019.
The EU-Japan Economic Partnership Agreement provides in particular for the removal of a large part of Japan's customs duties on products of EU origin, particularly in the cosmetics, chemicals, or textiles and clothing sectors, i.e. almost EUR 1 billion per year of savings for Community companies according to an estimate !
A number ofregulatory barriers The Japanese administration will also be lifted for a long time, particularly with regard to car exports.
The Japanese market, with 127 million consumers, will also open up more widely to European agri-food products and should allow many other Community sectors to find new export opportunities.
The agreement will also enable the two partners to strengthen their cooperation in a range of areas and reaffirm their common commitment to the Sustainable Development : this EPAis moreover the first to include aexplicit reference to the Paris Climate Agreement. Hesets very high standards for work, safety and environmental and consumer protection.
Other notable points of agreement include:opening of service contracts (financial services, electronic commerce, telecommunications and transport) and public procurement.
Finally, we will noticea chapter dedicated to small and medium-sized enterprises (SMEs), particularly relevant since 78% of European exporters to Japan are small structures.
To go further...
- Contact our experts in global supply chain management to design and manage your import/export and cross-trade scenarios!
- Check out our service offer dedicated to triangular trade operations.
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