International Trade

Agreement on Abolishing Punitive Tariffs Welcomed

Sweden has welcomed an agreement between the European Union and the United States to abolish punitive tariffs on certain goods. Speaking to news agency TT, Swedish Minister for Trade, Ewa Björling, stated that the agreement is an important step toward free international trade. After decades of dispute the US, Canada and the EU this week agreed to mutually open their markets for certain food products.

The agreement is valid for three years until a new long-term agreement shall be signed. In a reaction to the EU:s refusal to import meat treated with hormones from the US and Canada, the US had implemented punitive tariffs on European products – thus especially hurting Sweden as an export-oriented nation.

According to Minister Ewa Björling the recent tariffs have cost European exporters $US117 million. (ah)