EU and Japan finalize landmark Economic Partnership Agreement

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Origin Calculation | Axonn Ltd | MIC Customs Solutions | 11 December 2017

The EU and Japan have finalized their new Economic Partnership Agreement, which represents the biggest bilateral trade agreement in European history.

The European Union and Japan have successfully concluded final discussions on the new Economic Partnership Agreement (EPA) that will significantly liberalize trade between the two regions.

This represents the biggest bilateral trade agreement ever negotiated by the EU, and is expected to generate significant market opportunities for organizations in both areas, while also strengthening cooperation between Europe and Japan on issues such as sustainable development and climate change.

When the EPA deal comes into force, the vast majority of the €1 billion in tariffs paid annually by EU companies exporting to Japan will be scrapped, with specific steps taken to facilitate the exporting of agricultural products such as cheese, beef and pork.

The deal will also open up a number of key service markets, and ensure that all businesses are conforming to shared standards in terms of labor, safety, environmental and consumer protection.

Currently, Japan is the EU's second biggest trading partner in Asia after China, with the EU and Japan collectively accounting for about a quarter of the world's GDP. It is expected that this new deal will further amplify the benefits and value generated by this relationship.

EU commissioner for trade Cecilia Malmstrom said: "Today, we are sending a message to other countries about the importance of free and fair trade, and of shaping globalization. The potential of this deal is enormous and I'm glad that the EU and Japan remain fully on course to sign it next year. That way, EU firms, workers and consumers will be able to enjoy the benefits as soon as possible."

Legal verification of the text will now commence, with the aim of ensuring the EPA can enter into force before the end of the current mandate of the European Commission in 2019.

Software Solutions

MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

Software as a Service (SaaS) / Cloud

MIC provides the software via its data center infrastructure. On request, a MIC partner can take over the daily operational handling (managed services).

Low investment expenses and “pay per use” cost savings, as well as reduced time to value.

Customs Filing

Automated electronic export and import customs clearance processes, including special customs regimes and inventory management: Import, Export, Transit, Inward & Outward Processing Relief, Bonded Warehouse, Foreign Trade Zones, Intrastat, Central Clearance – SASP, EMCS and more. “We do the last mile!”

Central Classification

Global part master data management with increased degree of automation in customs tariff & export control classification of products based on regularly updated national customs tariffs and export control commodity lists.

FTA Management

Automated preferential and non-preferential origin calculation for 250+ free trade agreements as well as electronic exchange of customer supplier declarations. Management of supplier declarations via supplier web portal.

Export Controls

Central export control check of business transactions, including sanctioning list check, embargo check, end-user / end-use check, determination of approval requirements and management of approvals.

Global Implementations

There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.