Good news for JDM buyers? [EU - Japan trade deal]

[Alansmithee]

So it looks like a new trade deal will come into force in January 2019 - although it will into force in stages - one aspect caught my eye:

1. Elimination of customs duties*– more than 90% of the EU's exports to Japan will be duty free at entry into force of the agreement. Once the agreement is fully implemented, Japan will have scrapped customs duties on 97% of goods imported from the EU (in tariff lines), with the remaining tariff lines being subject to partial liberalisation through tariff rate quotas or tariff reductions. This, in turn, will save EU exporters around €1 billion in customs duties per year.

I would assume that this will work both ways and European members of the forum will benefit? (And obviously our Japan based members the other way) - obviously local VAT charges will still apply and they are the most expensive tax element...

[sandman]

There isn’t currently any duty to pay on watches imported from out with the EU (well technically there is 80p but anything under £7/8 is waived). There is VAT to pay but that won’t change.