Home United States USA — Financial EU parliament backs lobster deal, mini trade pact with U.S.

EU parliament backs lobster deal, mini trade pact with U.S.

20
0
SHARE

The deal includes the elimination of customs duties on American lobster imports.
BRUSSELS – Thanksgiving just got a little bit better for the Maine lobster industry. The European Union parliament on Thursday approved a mini trade deal with the United States, which includes the elimination of customs duties on U.S. lobster imports. The passage with 638 votes for,45 against and 11 abstentions was the last major political step for the deal to come into effect. As a result, the 27-nation EU will drop its 8 percent tariff on U.S. lobsters for the next five years and work to make the move permanent. U.S. lobster imports to the EU came to about $111 million in 2017 before falling off in the face of rising tensions between the trading partners, and an EU trade agreement with Canada that allowed its lobsters to enter the bloc tariff-free. Because of it, said EU legislator Bernd Lange, “we have seen a drop in demand by 50 percent in Maine, which is obviously quite serious.

Continue reading...