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EU Poised to Scrap Import Tariffs on Japanese Car Parts
The European Union is prepared to begin phasing out import tariffs on more than 90% of car parts imported from Japan—if Japan will do the same on such European products as cheese, wine and processed foods, The Nikkei says.
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The European Union is prepared to begin phasing out import tariffs on more than 90% of car parts imported from Japan—if Japan will do the same on such European products as cheese, wine and processed foods, The Nikkei says.
The EU currently imposes import duties of about 4% on car parts and 10% on assembled vehicles from Japan. The two sides have been negotiating for four years on a pact that would ease tariffs and foreign investment rules.
Reuters says one sticking point is the speed of the tax reductions for the automotive sector. Japan is pushing to scrap them in seven years, but the EU wants more than 10 years to do so, according to The Nikkei.
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