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EU, US Advance Trade Agreement
(MENAFN) Institutions of the European Union reached a preliminary consensus late Tuesday on two new regulations intended to implement the tariff-related aspects of the EU-US Joint Statement of 21 August 2025. This marks a significant move toward formalizing elements of the transatlantic trade framework and strengthening economic cooperation between the two sides.
The arrangement, achieved between the Council Presidency and the European Parliament, is designed to secure a more consistent and foreseeable commercial relationship between the EU and the US. It also incorporates protective measures that enable the EU to act if its economic priorities are endangered.
Greek Cypriot Administration’s Energy, Commerce and Industry Minister Michael Damianos emphasized that the deal underscores the EU’s position as a trustworthy trading ally. He stated: "Maintaining a stable, predictable and balanced transatlantic partnership is in the interest of both sides. Today, the European Union delivers on its commitments."
The first regulation eliminates the remaining customs charges on American industrial products and broadens preferential entry for selected US exports. This includes tariff rate quotas and reduced duties on certain seafood items and non-sensitive agricultural products, according to the statement.
The second regulation prolongs the suspension of tariffs on lobster imports, including processed lobster.
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