BRUSSELS (Reuters) – The European Union has agreed a deal to allow U.S. farmers a larger share of Europe’s beef market, EU sources and diplomats said, in a move that could help to defuse transatlantic trade tensions.
The deal will result in the United States securing a guaranteed share of a 45,000 tonne EU quota for hormone-free beef. The quota was agreed in 2009 to settle a dispute between the two over an EU ban on the use of growth hormones in meat.
US - Farmers - Quota - World - Trade
U.S. farmers initially dominated the quota, but under World Trade Organization (WTO) rules it also had to be made available to non-U.S. suppliers.
Australia and Uruguay, and more recently Argentina, have steadily increased their exports, pushing down the U.S. share of the quota to about 30%.
Commission - Trade - Policy - EU - Countries
The European Commission, which coordinates trade policy for the 28 EU countries, has struck a deal with the United States for U.S. farmers to gain an initial 18,500 tonnes of the quota, rising to 35,000 tonnes after seven years, EU sources said.
But for the arrangement to be WTO compliant it also needed to secure agreement from “substantial” suppliers.
Australia - Adjustment
Australia has confirmed it reluctantly accepted the adjustment...
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