Brazil and the United Kingdom sign a Memorandum of Understanding at the World Trade Organization – (Photo: Federal Government)
Brazil and the United Kingdom have concluded negotiations on the distribution of the size of the European Union’s (EU) import tariff quotas (TRQs) between the European bloc and the United Kingdom, as a result of the United Kingdom’s exit from the European Union (EU). . A memorandum of understanding in this regard was signed on Thursday, September 17 at the World Trade Organization, to inform the Ministries of Foreign Affairs, Economy and Agriculture in a joint memorandum.
As reported by the Ministry of Agriculture, after more than four years of negotiations, the agreement will provide for amendments regarding the provisionally applied allocation by the EU and the UK since 2021.
These adjustments will ensure that Brexit will not disrupt Brazil’s regular trade flows with the EU and the UK, both for agricultural and non-agricultural products. The negotiated volumes took into account exports from previous periods by Brazil to European countries.
Brazil had already concluded its negotiations with the European Union on September 14th. The ministry said in the memorandum that after completing the procedures for formalizing the agreement within the internal scope of the two partners and within the scope of the World Trade Organization, the result will be integrated into the lists of the commitments of the European Union and the United Kingdom in the World Trade Organization. .
According to WTO rules, the details of the agreement are still preserved. Brazil trusts that the new terms agreed upon will be implemented by the partners as soon as possible, so that Brazilian exporters can take advantage of them at the beginning of the second half of 2023, when they are the normal “quota years” for most tariff quotas.
