As announced in July, the agreement for the free exchange of goods between Japan and the European Union (JEFTA) is finally on track to enter into force (February the 1° will be the official launch date).
The agreement stipulates that the vast majority of customs duties on imports into Japan paid by EU companies, as well as many regulatory barriers, are abolished. That will significantly simplify the exchange of goods and services, offering great benefits to consumers and businesses in both areas and opening the way for the creation of new extremely promising trading channels.
JEFTA has been officially signed on July 17, 2018, by the President of the European Commission, Jean-Claude Juncker and Japan’s Prime Minister Shinzo Abe. In particular, the agreement provides that Japan will abolish customs duties on 94% of goods imported from the European Union, while the EU undertakes to cancel custom duties on 99% of Japanese goods, guaranteeing particular opening margins on certain product segments.
The agreement is currently undergoing various criticism, and also in our country, there are many oppositions by people convinced that this ‘liberalization’ will ultimately damage certain sectors. For what concern us, we welcome the new bi-lateral agreement’s implementation, getting ready to seize the new business opportunities linked to this strategic opening.
According to MEPs, this agreement represents a strong stance in support of free, fair, and regulated trade “at a time of serious protectionist challenges”. New routes are opening up on the horizon – it’s just a matter of sailing them with courage and determination. We are ready, are you?
The announcement made this Summer:
— Intech Automazione (@INTAutomazione) 18 luglio 2018