Brussels, 07/02/2014 (Agence Europe) - On 10 February, the EU will propose lifting customs barriers on 96% of products imported from the US, as part of the free-trade negotiations.
This is the level of tariff liberalisation that the European Commission will offer the US side during the initial exchange of offers on market access for industrial and agricultural products as part of the negotiations for the transatlantic trade and investment partnership (TTIP) agreement, according to a European source close to the issue, who is reported by several media.
Customs tariffs between the EU and US are already relatively low but, given the massive volume of bilateral trade, total tariff liberalisation would have important effects for both sides, according to observers. The transatlantic market between the EU and US is one of over 800 million people, and represents nearly half the world's economic production. An agreement could generate gains of around $100 billion per year for each side.
The EU's offer of tariff liberalisation can be broken down into four categories. For the first, the removal of 96% of the current barriers is planned - with a reciprocal offer from the US. For the next two categories, which represent 3% of the goods concerned - including automobiles and some agricultural products - a transition period of three to seven years is planned. The fourth category brings together products that are sensitive - including beef, pork and poultry - even if the EU will ask the US to increase their import quotas on these goods (to a number still to be decided).
European Commissioner for Trade Karel De Gucht and his US counterpart, Mike Froman, are due to assess the progress of the TTIP negotiations after the first three rounds conducted in 2013 during their meeting in Washington on 17-18 February. European trade ministers will be briefed by the Commission during an informal meeting in Athens on 28 February. The fourth round of TTIP negotiations is scheduled in Brussels for the week of 10-14 March. European Council President Herman Van Rompuy and European Commission President José Manuel Barroso will in turn assess the progress in the negotiations on 26 March. (EH/transl.fl)