US, EU Sign Tariff Rate Quota Agreement - USTR

WASHINGTON (UrduPoint News / Sputnik - 18th January, 2023) The United States and the European Union signed a Tariff Rate Quota (TRQ) Agreement, the Office of the US Trade Representative (USTR) said on Tuesday.

"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 on January 1, 2021," the statement read.

US Trade Representative Katherine Tai signed the document along with her European counterpart.

"The new TRQ allocations are based on the historic pattern of agricultural exports to the 27 EU Member States," the statement said.

The agreement will restore favorable market access for multiple US agricultural products to European markets. That includes rice, almonds, wheat, and corn.

In the first 11 months of 2022, the US exported $11.1 billion worth of agricultural goods to the EU, according to the USTR.