The EU-Japan Economic Partnership Agreement will enter into force 1 February 2019, following completion of the agreement’s ratification by the EU Parliament and Japan’s National Diet.
The EU and Japan together represent approximately 30% of global GDP and 26% of global trade. The agreement between the EU and Japan will reduce or eliminate customs duties on most goods, and will allow for increased market access through reduced time and cost of importing and exporting through the reduction of non-tariff measures (e.g., regulatory environment, technical regulations, conformity standards, etc.).
Similar to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)—set to enter into force in January 2019—the EU-Japan Economic Partnership Agreement will also allow for self-certification by an exporter, an importer or a manufacturer—thus reducing time, cost, administrative burdens, and missed opportunities compared to other agreements that require government authority certification. However, as is the case for most economic partnership agreements and free trade agreements, rules of origin may be complex and will require planning and preparation in order to meet the agreement’s requirements for qualification.
For more information, contact a professional with KPMG’s Trade & Customs practice in Japan:
Masaharu Umetsuji | +81 3 6229 8070 | firstname.lastname@example.org
Kozu Takayuki | +81 3 6229 8205 | email@example.com
Or contact a professional with KPMG’s Trade & Customs practice in the United States:
John L. McLoughlin
Luis (Lou) Abad
© 2019 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.