VN entitled to steep 86% tariff cuts from Japan
VN entitled to steep 86% tariff cuts from Japan
According to commitments in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Japan will eliminate 86 per cent of tariff lines for Viet Nam as soon as the trade pact becomes effective.
The pact became valid in Viet Nam on January 14, 2019.
This is the first time Japan has exempted most of Viet Nam’s agricultural and seafood imports from duties.
Japan also pledged to abolish taxes once the agreement takes effect for 78 per cent of Viet Nam’s agricultural exports; apply tariff quotas or partial cuts or commitments with trade defence measures for beef, pork, milk, dairy products, wheat, rice and their products.
Notably, most of Vietnamese key seafood products are entitled to a zero per cent tax rate right after the agreement comes into effect, such as yellowfin tuna, striped tuna, swordfish, some species of cod, surimi, shrimp and crab.
All seafood products that are not committed to abolishing taxes in the free trade agreement will be eliminated in the 6th year, 11th year or 16th year after the agreement comes into effect. Fruit and vegetables are committed to zero per cent tax rate in the 3rd or 5th year after the agreement comes into effect.
