The U.S. and EU on Friday signed a deal that will allow U.S. beef exports to nearly triple to the EU over the next seven years, the Office of the U.S. Trade Representative announced.
Annual duty-free exports are expected to grow from $150 million to $420 million when the agreement is fully implemented, USTR said.
The agreement establishes a duty-free tariff-rate quota exclusively for the U.S. totaling 18,500 metric tons annually and valued at approximately $220 million. The quota will grow to 35,000 metric tons annually over seven years and will be valued at approximately $420 million.
U.S. meat exports to Europe are expected to increase by 90% over the next seven years, President Donald Trump said in prepared remarks he delivered during a speech Friday.
Currently, U.S. duty-free beef exports to the EU are approximately 13,000 metric tons yearly and valued at about $150 million, USTR said.
The new agreement will take effect upon the approval of European Parliament, expected this fall. The U.S. also has closed its trade remedy proceedings under Section 301 of the Trade Act of 1974 initiated in December 2016, USTR said.
“Today is about delivering real, positive, tangible results in the transatlantic trade relationship,” said Jani Raappana, deputy head of mission at the Embassy of Finland in Washington, D.C., representing the presidency of the EU. “Our companies, our farmers make more money investing, trading with each other than we do with anyone else in the world.”