EU and US Discuss New Beef Import Quota

GLOBE - In the latest Agriculture Committee meeting held at the World Trade Organization on 2nd July 2009, two issues concerning the US and the EU, with broader implications for the global economy, remained the centre of discussions.
calendar icon 13 July 2009
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A new import quota is being introduced by the EU for high quality beef. This is as per an agreement with the US for settling a dispute on EU’s ban on imports of beef from cattle raised with hormones. The new quota will be available to all the members of the WTO. The EU rejected claims of the quota being trade distorting (quantities within the quota being duty-free whereas otherwise a duty of 20 per cent exists on the same import).

US announced that it has re-introduced export subsidies on dairy products in May. The primary reason cited was the damage that other countries’ subsidies were causing to the US dairy industry, making it uncompetitive in foreign markets. China has objected to this move of the US and has demanded action against imposition of subsidies by all countries as against the ‘beggar thy neighbour’ policy adopted by the US.

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