News
Japan and Mexico reached substantive agreement at their fresh discussions in Mexico early this week on terms which will revise their Economic Partnership Agreement (EPA) for further liberalization of their bilateral trade.
Their original EPA came into effect on April 1, 2005 and enabled direct entry from Japan by 100% Japanese-owned companies. Furthermore, the parent companies of Japanese banks and insurance companies already operating in Mexico are allowed shift to direct investment from Japan.
The two partners have reviewing the trade agreement since September 2008.
Under the revised EPA, Mexico will abolish import duties on Japanese exports of auto parts and ink-jet printer sheets while Japan will low-tariff import quotas for such items of Mexican exports as beef, pork, chicken, oranges and orange juice.
They also agreed to introduce a new scheme to facilitate procedures for acquiring Certificate of Origin by allowing authorized exporters to prepare the document by themselves.
