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US And EU Sign Tariff Rate Quota Agreement For Agricultural Products

US-EU

The Office of the United States Trade Representative has signed agreement with the EU to preserve US access to the EU market for agricultural products.

  • According to a statement issued by the USTR: "The new TRQ allocations are based on the historic pattern of agricultural exports to the 27 EU Member States. The Agreement will restore favorable market access for multiple US agricultural products, including for U.S. rice, almonds, wheat, and corn."
  • According to the office of the USTR, "In the first eleven months of 2022, the United States exported $11.1 billion worth of agricultural goods to the EU."
  • Bloomberg: "Tariff-rate quotas allows countries to export specified quantities of a product to other nations at lower duty rates, but subjects shipments above a pre-determined threshold to higher tariffs."
  • The agreement is undersigned by US Trade Representative Katherine Tai, Swedish Permanent Representative to the European Union Mikael Lindvall, and European Commission Deputy Director General for Agriculture and Rural Development Michael Scannell.
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