The Vietnam-Japan Economic Partnership Agreement (VJEPA) took effect on October 1 and will result in cuts to import duty rates.

Under the agreement, Vietnam will cut 2,586 tax rates while Japan has pledged to cut 7,220.

Vietnam’s main exports to Japan are leather shoes, aquatic items and textiles and garments. The agreement will mean many of these exports will now be subject to 0% duty rates.

Bilateral trade is expected to total $18 billion in 2010.

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