European Union ready to work with US on ‘Trade Disputes’

Syed Umarullah HussainiWeb Editor

12th Feb, 2021. 12:46 pm
European Union

Taking a positive note of the Biden Administration’s move to refrain from imposing additional tariffs on goods, the European Union (EU) has said that it is ready to work with the United States (US) on trade disputes.

According to the media reports, the US Trade Representative’s office said it had agreed with US industry that it was unnecessary to revise existing tariffs on European goods at this time, refraining from changes that would have been possible during a periodic review.

Commenting on the move, the EU Spokesperson said that the body is ready to engage with the new US administration under Joe Biden on the basis of the EU-US agenda for global change adopted on December 2.

The aim of EU is to find solutions to our ongoing trade disputes, including on Airbus/Boeing, said the Spokesperson.

Ambassador of the European Union to the United States Stavros Lambrinidis said that Brussels had proposed a six-month suspension of tariffs on both sides to allow for negotiations.

Meanwhile, the United Kingdom which is no longer part of the EU but is part of the Airbus consortium, has said it is also willing to lift tariffs, possibly unilaterally, as a goodwill gesture.

It is worth mentioning here that the UK is the first and only country formally to leave the European Union, after 47 years of being a member state within the bloc, after having first joined its predecessor, the European Communities (EC), on 1 January 1973.

The former prime minister of Britain Theresa May carried out a referendum in 2017 to vote for Brexit.

UK continued to participate in the European Union Customs Union and European Single Market during a transition period that ended on 31 December 2020.

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