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ECONOMY > Trade

Gist of Japan-EU free trade agreement

  • July 6, 2017
  • , Kyodo News , 10:39 p.m.
  • English Press
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BRSUSSELS — The following is a gist of the main points in the broad free trade agreement reached Thursday between Japan and the European Union.

 

— Japan and the European Union will aim to put the pact into force in early 2019.

 

— Japan will set up a low-tariff quota on European soft cheese. The tariff for the quota, initially 20,000 tons, will be eliminated in 15 years.

 

— Japan will scrap tariffs on hard cheese such as cheddar and gouda after 15 years.

 

— Japan and the European Union will scrap their tariffs on wine immediately.

 

— Japan will scrap duties on European chocolates, candies and pasta after 10 years.

 

— Japan will lower tariffs on European beef to 9 percent after 15 years.

 

— Japan will scrap tariffs on 10 timber products after seven years.

 

— The European Union will eliminate 10-percent tariffs on Japanese automobiles after seven years, while tariffs on 92.1 percent of auto parts in terms of volume will be immediately scrapped.

 

— The European Union will eliminate tariffs on Japanese TVs after five years.

 

— The European Union will immediately scrap tariffs on Japanese sake, green tea and soy sauce. Duties on Japanese scallops will be eliminated after seven years.

 

— Japan and the European Union will ease regulations related to companies bidding for public work and other projects.

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