Brazil and the United Kingdom signed on Thursday (17) at the World Trade Organization (WTO) a Memorandum of Understanding (MoU) that concludes the negotiations regarding the distribution of the volumes of import tariff quotas (TRQs) of the European Union (EU) between the European countries, and the United Kingdom, as a result of UK’s withdrawal from the bloc (“Brexit”). After more than four years of negotiations, the agreement will provide for adjustments in relation to the provisional allocation applied by the EU and the United Kingdom since 2021. These adjustments will ensure that “Brexit” will not jeopardize Brazil’s regular trade flows with the EU and the United Kingdom. The negotiated volumes took into account exports from previous periods by Brazil to European countries.
Source: DATAGRO (*Translated by Ia Niani)