Customs duties undergo changes

Changes in customs practices between Japan and the EU have begun changing following an Economic Partnership agreement between the two stakeholders. 90 percent of customs duties for all European exported products to Japan will be phased out in a transition period, which began in February of this year and will continue into 2020.

This new economic partnership comes as a result of Japan’s consistent rising in international trade, which is particularly obvious in their footwear sector. According to a 2017 report, the country is now the fourth greatest footwear importer in the world and the fourth largest consumer in this area. Their presence in the sector has only increased since this report was published, as Japanese footwear rose by an additional 2.8 percent in volume of imports.

This new agreement is the most comprehensive partnership launched by the EU and demonstrates the importance of Japan for European exporters. Customs duties in the footwear sector were reduced to 21 percent, following the immediate appointment of the agreement, and will continue to be eliminated in the coming years.