The new Economic Partnership Agreement between the European Union and Japan went into effect on February 1, 2019. This is now the biggest trade pact in the world, covering 635 million people and 1/3 of the global economy.
Negotiations for the EU-Japan agreement started in 2013 and were not completed until December 2017. This highlights how large trade agreements can take many years to come into fruition, but the benefits are significant: EU companies are expected to save €1 billion a year in duties as a result of this agreement.
Both regions stand to gain from the new trade pact. In particular, the EU will see duty-free treatment of agricultural and food products like cheese and wine, and significant duty reductions for pork and beef. For Japanese automobiles, the EU’s 10% import duty rate will decrease over time to 0. Many other industries are affected as well.
MIC software currently includes certification and duty calculation for over 90 trade agreements. As more and more agreements come into force across the world, MIC continues to add them to its software for our global customer base.
MIC is the world leader in providing global customs and trade compliance software solutions. The MIC group currently employs over 340 professionals around the world. More than 700 international customers rely on MIC software products for their global customs and trade compliance management solutions.
For more information about MIC and how we could help your operations, please contact us via [email protected]mic-cust.com.