|Author (Corporate)||European Commission: DG Trade|
|Series Details||COM (2020) 496|
Legislative initiative tabled by the European Commission on 8 September 2020, introducing the elimination or reduction of tariffs for certain products in the framework of an agreement between the European Union (EU) and the United States (US).
This proposal aims to implement a tariff agreement previously announced by the EU and USA in a Joint Statement. The deal comprises a package of tariff reductions aimed at increasing market access for exports from both sides and improving transatlantic trade relations.
In substance, the proposal lays out the elimination of a set of customs tariffs on lobster, while the US provides duty relief for a comparable economic value on products such as prepared meals, certain crystal glassware, surface preparations, propellant powders, cigarette lighters and lighter parts. The US requested the tariff reduction for lobster in light of its declining exports of the product to Europe and the world. The tariff reductions should be implemented in a fully WTO consistent manner and respect the most-favoured nation (MFN) principle.
The European Parliament's relevant committee adopted its position on 10 November 2020. The Council of the European adopted the proposed tariff package on 18 November.
|Subject Tags||Bilateral Relations, Export | Import Markets, External Trade | Trade Agreements|
|Keywords||Common Customs Tariff
|Countries / Regions||United States|
|International Organisations||European Union [EU]|