New deal paves way for US to triple beef exports to European Union
US beef exports to the European Union are expected to triple over the coming seven years thanks to an agreement inked by the two sides last week
US beef exports to the European Union are expected to triple over the coming seven years thanks to an agreement inked by the two sides last week. The deal is likely to take effect this autumn, subject to the approval of the European Parliament.
According to the Office of the US Trade Representative (USTR), annual duty-free exports are anticipated to rise from US$150 million to $420 million when the accord is fully implemented.
The agreement creates a duty-free tariff-rate quota exclusively for the US, totalling 18,500 tons per year and valued at $220 million. The quota will increase to 35,000 tons annually over seven years and will be valued at $420 million, reported American Shipper.
At present, US duty-free beef exports to the EU amount to 13,000 tons yearly and are valued at $150 million, USTR said.
US President Donald Trump said US meat exports to Europe will rise by 90 per cent over the next seven years.