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 | email@example.com
Kozu Takayuki | +81 3 6229 8205 | firstname.lastname@example.org
Or contact a professional with KPMG’s Trade & Customs practice in the United States:
John L. McLoughlin
Luis (Lou) Abad
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