The European Commission and the United States Trade Representative announced they have reached an understanding in the civil aircraft dispute which had resulted in tariffs.
Tariffs imposed by the EU and the US in the dispute have been suspended for five years.
Minister for Agriculture, Food and the Marine, Charlie McConalogue welcomed the suspension, after the prolonged dispute had a significant impact on Ireland-US agri-food and drinks trade.
“Lifting this tariff burden in the civil aircraft dispute, which equated to €95 million on impacted Irish agri-food exports of €380 million in 2020, will help Irish agri-food exporters to the US as they emerge from the Covid-19 pandemic,” he said.
The tariffs were imposed as a consequence of a dispute over illegal subsidies to aircraft manufacturer Airbus.
Additional import duties of 25 per cent were added to Irish products including single-malt whiskey; liqueurs; cheese; port; yogurt; butter; dairy spreads; and seafood.
“The timing is also a very positive in light of the challenges that may arise from the trade agreement in principle announced by the UK and Australia,” Mr McConalogue added.
LSL News.