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US and EU sign agreement on trade quotas for agricultural products

Source : 112 Ukraine

The WTO agreement retains the original volumes, but divides them between the EU and the UK
22:15, 8 March 2021

112 Agency

The European Union and the United States have completed negotiations to adjust EU agricultural quotas under the World Trade Organization (WTO) following the UK's withdrawal from the union. This was announced by the EU Commissioner for Agriculture Janusz Wojciechowski, Interfax-Ukraine reports.

The WTO agreement retains the original volumes, but divides them between the EU and the UK.

"This gives confidence and stability to agricultural trade and our markets. This is a good signal of our desire to work together, both on a bilateral basis and in the WTO," Wojciechowsk said.

It is noted that the agreement is the culmination of two-year negotiations between the EU and the US in the framework of the WTO on the division of EU quotas. Also, part of the quotas remains with the 27 countries remaining in the Union, and part goes to the UK, based on recent trade flows. The agreement covers tens of quotas and billions of euros in trade exchanges.

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The EU is in similar negotiations on the proportional distribution of tariff quotas with 21 other partners. Negotiations with Argentina, Australia, Norway, Pakistan, Thailand, Indonesia and a number of other countries have already been completed, according to a press release from the European Commission (EC).

On March 5, the President of the United States Joe Biden and the President of the European Commission Ursula von der Layen, agreed to coordinate actions on issues of common interest, including China, Russia, Belarus, Ukraine and the Western Balkans. For his part, Biden highlighted his support for the European Union and his commitment to rebuilding and revitalizing the US-EU partnership.

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