Youkoso! Welcome in a new era of opportunities
Japan has recently achieved two important goals: the beginning of the new Era “Reiwa” gone into effect on 1 May and the Japan EU agreement (JEFTA) entered into force on February 1.
Culturally, the beginning of “Reiwa” is a profound event for Japan projecting an air of positivity. For business, “analysts expect the transition to Reiwa to generate over 500 billion yen ($A6.45 billion) in economic activity.”
The commercial interchange between Italy and Japan for sure gives positive signs: the Italian export to Japan have already registered, from January to March 2019, an increase of 8.9% compared to the same period of 2018 with a total turnover of 1651 million euros. With reference to the same period, imports in Italy from Japan show an increase of 16.8% with a turnover of 1098 million euros.
These data reflect the first beneficial effects generated by the Japan EU agreement (JEFTA), which offers new growth opportunities both for the Italian and for Japanese companies through the immediate or gradual elimination of tariffs that actually limit trade (for some product categories liberalisation will come into effect within 5, 10 or 15 years).
Short notices on the customs duties: instruction for use
It is possible to know at any time the customs duty situation applied to the products of interest at the following link: https://madb.europa.eu/madb/indexPubli.htm.
This tool also provides indications on the import conditions of each product (formalities and characteristics for the recognition of «originating product»).
The importing Party shall, on importation, grant preferential tariff treatment to a product originating in the other Party on the basis of a claim by the importer for preferential tariff treatment.
The importer shall be responsible for the correctness of the claim for preferential tariff treatment and compliance with the requirements provided for in this Chapter. (art. 3.16 of the agreement)
A claim for preferential tariff treatment shall be based on:
For further details, it is possible to consult the full text of the EU Japan Agreement (JEFTA) at the following link: http://trade.ec.europa.eu/doclib/press/index.cfm?id=1684
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