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EU and Japan seek early resolution over FTA in 2016

Industry News | | MIC Customs Solutions |

Ministers from the EU and Japan have committed to reaching an agreement over a free trade deal as early as possible in 2016.


Ministers from the EU and Japan have pledged to secure a new free trade deal between the regions as early as possible this year.

A statement has been issued to coincide with the G7 Summit in Ise-Shima, underlining a commitment to reaching an agreement in principle over the Japan-EU Economic Partnership Agreement/Free Trade Agreement (EPA/FTA) in 2016.

Signed by Japanese prime minister Shinzo Abe, European Council president Donald Tusk, European Commission president Jean-Claude Juncker, French president Francois Hollande, German chancellor Angela Merkel, Italian prime minister Matteo Renzi and UK prime minister David Cameron, the statement called for the ongoing negotiations to be accelerated in order to bring them to a close at the earliest opportunity.

Substantial progress has already been made over the last three years, with further efforts to be made over the next few months to reach an agreement encompassing key issues, including all types of tariffs and non-tariff measures.

The statement said: "Recognizing the strategic importance of the Japan-EU EPA/FTA, we remain committed to creating a free, fair and open international trade and economic system, which will promote stronger, sustainable and balanced growth and contribute to the creation of more jobs and economic opportunity in Japan and the European Union and to the increase of our international competitiveness."

Negotiations were officially launched in March 2013, following the release of an impact assessment on the future FTA in July 2012. The most recent round of negotiations took place in Tokyo in April 2016, addressing issues such as trade in goods, services and trade barriers, plus investment and public procurement considerations.

The next round of negotiations is scheduled to be held in Brussels this September.


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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.

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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.

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