Brazil and the United Kingdom concluded negotiations regarding the allocation of the volume of import tariff quotas (TRQs) of the European Union (EU) between the European bloc and the United Kingdom, as a result of the United Kingdom’s departure from the bloc (Brexit).
A Memorandum of Understanding in this regard was signed on Thursday (17th) at the World Trade Organization (WTO), inform the Ministries of Foreign Affairs, Economy and Agriculture in a Joint Note.
As communicated by the Ministry of Agriculture, after more than four years of negotiations, the agreement will provide for adjustments with respect to the distribution provisionally applied by the EU and the United Kingdom since 2021.
These adjustments will ensure that Brexit will not disrupt Brazil’s regular trade flows with the EU and the UK, for agricultural and non-agricultural products. The negotiated volumes took into account exports from previous periods by Brazil to European countries.
Brazil had already concluded negotiations with the EU on September 14th. After completion of formalization procedures for the agreement within the two partners’ internal scope and within the scope of the WTO, the result will be incorporated into the lists of commitments of the EU and the United Kingdom in the WTO, the ministry said in the note.
According to WTO rules, the details of the agreement are still reserved. Brazil trusts that the new agreed conditions will be implemented by the partners as soon as possible, so that Brazilian exporters can benefit from them in the beginning of the second half of 2023, when the regular “quota years” begin for most TRQs.
Source: CNN Brasil
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