On Friday the U.S. signed an agreement with the European Union, allowing American producers a country-specific share of the EU’s duty-free high quality beef quota. Dan Halstrom, President and CEO of the U.S. Meat Export Federation participated in Friday’s signing ceremony at the White House.
“We’d like to say thank you and this is an honor and a great day for us with our European friends for expanded access, and we really do appreciate everything that the President and his administration is doing on behalf of the farmers of America,” Halstrom said. “So, thank you.”
According to the Trade Representative’s Office, The United States will be able to nearly triple its annual duty-free exports of beef to the European Union over the next seven years under the new agreement.
The new agreement establishes a duty-free tariff rate quota (TRQ) exclusively for the United States. Under the agreement, American ranchers will have an initial TRQ of 18,500 metric tons annually, valued at approximately $220 million. Over seven years, the TRQ will grow to 35,000 metric tons annually, valued at approximately $420 million.
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