||18 August 2009
Brunei, Japan expect zero-tariff trade in few years
Japan and Brunei plan to gradually reduce import tax on commodities to zero percent in the next few years, reported a Brunei daily.
In line with the Brunei-Japan Economic Partnership Agreement (BJEPA) signed in Tokyo in June 2007, tariff on Japanese-made cars in Brunei and export taxes for Brunei's timber and forestry products to Japan will be eliminated in different stages in three years, said Hashimoto Itsuo, the outgoing Japanese ambassador to Brunei in an interview the Brunei Times.
"Import tax on commodities between Brunei and Japan is gradually minimising. Although tariff reductions will go as low as 99 percent, we will be able to hit zero per cent within the next few years," he said, adding that the agreement signing was the biggest highlight on trade relations between Brunei and Japan.
"Automobile and electrical appliances from Japan are doing well in Brunei. Brunei has been importing 60 percent of cars from Japan on an annual basis and that is a pretty big number," the envoy noted.
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