WTO tariff deal takes shape

THE European Commission has welcomed last week’s broad support by trade ministers from 30 members of the World Trade Organisation for moves to progress discussions on international trade access for agricultural products.

They agreed a new system to convert existing tariffs into so-called “ad valorem equivalents”.

Currently import tariffs are set in euros or dollars. For example, the EU import tariff for boneless forequarters of beef is €2.21/kg.