US, EU Sign Tariff Rate Quota Agreement
United States and European Union trade leaders signed a tariff Rate Quote Agreement this week. The agreement, once implemented, will enable the United States to preserve its existing access to the EU market for various agricultural commodities following the United Kingdom's exit from the EU.
The new Tariff Rate Quota allocations are based on the historic pattern of agricultural exports to the 27 European Union Member States. According to the USTR, the agreement will restore favorable market access for multiple U.S. agricultural products, including rice, almonds, wheat, and corn. In the first eleven months of 2022, the United States exported $11.1 billion worth of agricultural goods to the European Union.
Trade Representative Katherine Tai, Sweden's Permanent Representative to the European Union, Ambassador Mikael Lindvall, and European Commission Deputy Director General for Agriculture and Rural Development, Michael Scannell, signed the agreement.
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