UK – JAPAN FREE TRADE AGREEMENT:
A golden opportunity, regulatory compliance is the key
On September 11, UK and Japan secured a free trade agreement, the UK’s first major trade deal since breaking away from the EU customs territory and estimated to be worth £15.2 million.
Known as “The UK-Japan Comprehensive Economic Partnership Agreement”, it is reported to secure additional benefits compared to the deal in place between the EU and Japan, thus giving UK exporters a competitive advantage in a number of areas.
It is also hoped that this deal will act as a step toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), effectively a gateway to the Asia-Pacific region and a boost for strengthening supply chains in the area.
According to a Department for International Trade press release, “UK businesses will benefit from tariff-free trade on 99% of exports to Japan.”
UK manufacturers and food and beverage producers are set to benefit. There will be tariff-free access for more UK goods, greatly facilitated by changes to the Rules of Origin allowing “… producers of coats, knitwear and biscuits to source inputs from around the world for their exports to Japan – making it easier and cheaper for them to sell to the Japanese market.”
There will be improved recognition of iconic UK brands thanks to an increase in the number of geographical indications (GIs), covering goods including English sparkling wine, Yorkshire Wensleydale and Welsh lamb.
Tariff reductions will see tariffs fall on pork, beef and salmon and low tariffs will continue for key food and drink products covered by quotas.
If you are you a UK manufacturer with plans of entering the Japanese market, now is the time to act and make your export projects to Japan a reality, taking advantage of these new trade conditions.
Japan Advance Filing Rule
The Advance Filing Rule is the Japan Customs safety and security regulation and requires that an advance security declaration be submitted to the Japanese NACCS system prior to the arrival of goods into the customs territory.
AFR via conex™ JP/AFR solution
CONEX SYSTEMS LTD can support you and ensure that your company enters the market in full compliance with the Advance Filing Rule, thanks to the AFR via conex™ solution, a part of the SAFE via conex™ suite.