EU CRISIS: US, China and Brazil FURIOUS at Brussels over plan for post-Brexit import quota
The latest concerns were raised at a meeting on Monday at the World Trade Organisation (WTO) in Geneva, Switzerland, with several nations warning the plans would be unfair on their companies and farmers. Tariff-rate quotas (TRQs) define the volume of sensitive goods, such as meat and cheese, that other World Trade Organisation (WTO) members can export to Europe. They set the amounts of goods that can be imported at low or zero tariffs, as opposed to full WTO rates that can often exceed 100 percent.
Last year, Brussels and London came up with a joint plan that involved dividing the current quotas based on consumption patterns.
This means the UK would take a larger quota for products such as New Zealand lamb, where it accounts for much of the European Union demand.Read more here.