CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Japan, Mongolia Ink Free Trade Deal

Japan, Mongolia Ink Free Trade Deal

by Mary Swire, Tax-News.com, Hong Kong

25 July 2014


Following a meeting in Tokyo between the Japanese Prime Minister Shinzo Abe and Mongolia's President Tsakhiagiin Elbegdorj, it has been announced that their two countries have reached an agreement on the substance of a bilateral free trade agreement (FTA).

The FTA, negotiations on which began in 2012 and went through seven sessions, will entail both countries reducing their tariffs on selected goods.

Mongolia will remove its 5 percent import duty on Japanese second-hand cars over a period of 10 years, while Japan will eliminate its tariffs on the majority of Mongolian exports of industrial products over the same period. Japan will also reduce its duty on Mongolian processed beef and introduce a quota-based system.

According to official trade statistics, second-hand passenger vehicles are almost half of Japan's total exports to Mongolia, that totalled some USD290m last year. On the other hand, Mongolia's exports to Japan, which are intended to be boosted by the FTA, mainly consist of coal and other natural resources at present, and reached only just over USD20m in the same period.

TAGS: tax | free trade agreement (FTA) | tariffs | Mongolia | food | agreements | manufacturing | import duty | trade | Japan

To see today's news, click here.

 
















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »