EU agrees WTO agriculture quotas with US following Brexit
The European Union and the United States have concluded negotiations to implement the EU's agricultural quotas under World Trade Organization rules following the UK’s exit from the bloc.
According to a statement from the European Commission released on Monday, the agreement, covering billions of euros of trade, was the result of two years of talks.
Negotiations began with the aim of keeping the previous import quota volumes unchanged and to share them between the EU and the now departed UK.
Commenting on the agreement reached in principle today, Commissioner for Agriculture Janusz Wojciejowski said: “I am delighted we have reached agreement with our most important trade partner the US. This agreement – done inside the framework of the WTO – preserves the original volumes but shares them between the EU and the UK. It gives certainty and stability to agricultural trade and our markets.
“I am particularly pleased that this agreement marks the significance of our trade and economic relationship. This sends a good signal of our commitment to work together both bilaterally and in the WTO framework. I want to thank my team and our US colleagues for a job well done”.
The agreement will be sent to the Council and European Parliament for ratification before it can come into effect.
Similar negotiations with other countries are underway. Talks with WTO partners such as Argentina, Australia, Norway, Pakistan and Thailand have already been completed.