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Free trade deal between Japan and EU - cheaper cars?

  • 06-07-2017 10:52am
    #1
    zilog_jones
    Registered Users, Registered Users 2 Posts: 6,638 ✭✭✭


    Was in the news this morning: https://www.rte.ie/news/2017/0706/888140-free-trade-deal/
    The European Union and Japan are to sign a major free trade deal this morning in Brussels.
    The agreement, which is seen as a boost for the global trading system, comes after four years of talks between the EU and Japan.

    ...

    The big win for Japan is the removal of import barriers on Japanese cars and car parts to Europe.
    Tariffs will be removed from 99% of the goods traded between the EU and Japan, although in some sectors lengthy transition periods will apply.

    This is hopefully good news for reducing the cost of Japanese-built cars and parts.

    It's possibly also in preparation of winding down production in the UK (Nissan, Honda, and Toyota) as UK exports may become prohibitively expensive post-Brexit.


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 85,523 ✭✭✭✭Atlantic Dawn
    GDY151


    Should be good for personal imports of used cars from Japan too I presume. I think the current duty is 10% of the combined cost of the car and shipping, the 23% vat is then based on the Duty+car+shipping and then the VRT after that which is calculated on the OMSP of the car.

    On a side note, there's a good thread here on the import process from Japan...
    http://www.boards.ie/vbulletin/showthread.php?t=2057026786


  • #3
    Truckermal
    Registered Users, Registered Users 2 Posts: 6,047 ✭✭✭Truckermal


    Brilliant my dream of driving a rather large Hybrid could actually come through!


  • #4
    mikeecho
    Registered Users, Registered Users 2 Posts: 5,323 ✭✭✭mikeecho


    What was the outcome of this trade deal ?
    Did it come to pass.. if it did, I don't think we saw any savings.





    Apologies for a thread revival, but it had the necessary news links.


  • #5
    Leonard Hofstadter
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭Leonard Hofstadter


    It's been in force for over a year now. The tariffs on cars and car parts are being phased out, the standard WTO tariff of 10% for cars is now down to 9.2% and they will keep going down as the years pass. The tariff barriers on cars won't be removed in full until 2032.


  • #6
    Miscreant
    Registered Users, Registered Users 2 Posts: 2,330 ✭✭✭Miscreant


    Leonard Hofstadter wrote: »
    It's been in force for over a year now. The tariffs on cars and car parts are being phased out, the standard WTO tariff of 10% for cars is now down to 9.2% and they will keep going down as the years pass. The tariff barriers on cars won't be removed in full until 2032.

    At which point inflation would have added the 10% back in again anyway :)


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  • #7
    GM228
    Registered Users, Registered Users 2 Posts: 8,922 ✭✭✭GM228


    Leonard Hofstadter wrote: »
    It's been in force for over a year now. The tariffs on cars and car parts are being phased out, the standard WTO tariff of 10% for cars is now down to 9.2% and they will keep going down as the years pass. The tariff barriers on cars won't be removed in full until 2032.

    I think when it came into force on January 1st 2019 a 7 year timeframe was set to abolish the 10%.

    Edit, yes maximum 7 year timeframe according to the EU themselves:-

    https://ec.europa.eu/ireland/news/eu-japan-trade-agreement-enters-into-force_en


  • #8
    Leonard Hofstadter
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭Leonard Hofstadter


    GM228 wrote: »
    I think when it came into force on January 1st 2019 a 7 year timeframe was set to abolish the 10%.

    Edit, yes maximum 7 year timeframe according to the EU themselves:-

    https://ec.europa.eu/ireland/news/eu-japan-trade-agreement-enters-into-force_en

    Thanks for the correction, I had read otherwise although not on the EU's website:)!


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