Japan approves EPA with VN
29/06/2009

 

On June 24, 2009, Japan’s House of Councilors officially approved the Việt Nam-Japan Economic Partnership Agreement (EPA) concluded on December 25, 2008 in Tokyo. This is a comprehensive agreement covering several important areas such as goods and service trade, business environment improvement, investment, labor movement, and technical standard cooperation.

 

On June 24, 2009, Japan’s House of Councilors officially approved the Việt Nam-Japan Economic Partnership Agreement (EPA) concluded on December 25, 2008 in Tokyo. This is a comprehensive agreement covering several important areas such as goods and service trade, business environment improvement, investment, labor movement, and technical standard cooperation.

Under the agreement, 92% of goods traded between the two countries will be freed from tax within next ten years. Specifically, tax incentives will be applicable for 86% of Vietnamese agro and aqua-products and 97% of industrial products. Minerals are exempted from import tax. And the tariff rate imposed on frozen shrimp and cuttlefish will be reduced down to 1-3%.

Meanwhile 88% of tax categories imposed on Japanese imports into Việt Nam will be cut down within ten years long.

Japan’s approval of the EPA is expected help strengthen the bilateral economic and trade ties and create more opportunities for the two sides’ business communities.

Earlier, PM Nguyen Tan Dung, on April 14, ratified the EPA which was initiated in October 2006 during his official visit to Japan.

Source: Website of Vietnam's Government