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Japan, EU Agree To Drop Import Taxes on Cars
Japan and the European Union have agreed to remove the EU’s 10% tariff on Japanese cars and 3% tax on car parts.
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Japan and the European Union have agreed to remove the EU’s 10% tariff on Japanese cars and 3% tax on car parts.
In exchange, Japan will drop its taxes on European cheese (30%) and wine (15%), ease limits on EU beef and pork. The EU says it will take as long as seven years to phrase out the affected tariffs.
The EU describes the pact as its largest ever and says it will create an open trade zone for 600 million consumers. Japan and the EU generate about 30% of global gross domestic product.
European Council President Donald Tusk says the deal is a “clear message that we stand against protectionism” That view is mirrored by Japan Prime Minister Shinzo Abe, who declares that he wants the two regions to “lead the world by bearing the flag of free trade.”
The pact, which awaits ratification by the European Parliament and Japanese Diet, could take effect in 2019.
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