The European Commission (EC) on Tuesday raised an official proposal to reduce a series of tariffs in trade with the United States. Likewise, the North American country will reduce some tariffs on European products in order to share between both powers the volume of merchandise that accesses the European market and vice versa.
It is worth noting that both nations had not finalized agreements of this type in more than two decades and it is expected that the thaw between them could raise revenues of up to 200 million euros a year.
As established on August 21st, under the terms of the agreement the European Union (EU) will eliminate tariffs on imports of live and frozen lobster from the United States, products of which 94.3 million euros (111 million dollars) to community territory in 2017.
For its part, Washington will reduce its tariff rates by 50% on a number of European products, including prepared meals, glassware, surface treatment products, propellant charges, lighters and lighter parts.
For the European Commission, any progress with this agreement refers to “a first step to reduce bilateral trade tensions and to support the resolution of ongoing disputes,” as expressed by the international body in the proposal sent to Parliament and the Council.