Thursday, February 21 2019

VietNamNews

VN entitled to steep 86% tariff cuts from Japan

Update: January, 29/2019 - 19:00
All seafood products that are not committed to abolishing taxes in the Việt Nam-Japan free trade agreement will be eliminated in the 6th year, 11th year or 16th year after the agreement comes into effect. — Photo thegioihoinhap.vn
Viet Nam News

HÀ NỘI — According to commitments in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Japan will eliminate 86 per cent of tariff lines for Việt Nam as soon as the trade pact becomes effective.

The pact became valid in Việt Nam on January 14, 2019.

This is the first time Japan has exempted most of Việt Nam’s agricultural and seafood imports from duties.

Japan also pledged to abolish taxes once the agreement takes effect for 78 per cent of Việt 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. — VNS

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