|Author (Corporate)||European Commission|
|Publisher||European Commission: Press Release Database|
Joint Statement published on 21 August 2020 by the European Union (EU) and the United States of America (USA) concerning an agreement related to a package of tariff reductions aimed at increasing market access for exports from both sides. These were the first bilateral negotiated reductions in duties in over two decades.
Under this agreement, the EU is to eliminate tariffs on imports of US live and frozen lobster products on a Most Favored Nation (MFN) basis. Tariffs are to be eliminated for a period of five years and the European Commission agreed to promptly initiate procedures aimed at making the tariff changes permanent. The United States agreed to reduce by 50% its tariff rates on certain products exported by the European Union, including certain prepared meals, certain crystal glassware, surface preparations, propellant powders, cigarette lighters and lighter parts. This reduction is to be made on an MFN basis.
|Subject Tags||Bilateral Relations, Export | Import Markets, External Trade | Trade Agreements|
|Countries / Regions||United States|
|International Organisations||European Union [EU]|