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European Commission urges removing tariffs on industrial products with U.S.
(MENAFN) The European Commission has proposed the removal of tariffs for industrial products with the United States in future trade talks, which requires the approval of European Union (EU) member states.
The U.S. is the main export destination of EU exports in industrial products and is the second largest exporter of industrial products to the EU.
According to the European Commission, EU-U.S. trade in goods reached about USD722 billion in 2017, of which 598 billion euros are in industrial goods.
"While applied tariffs levels are relatively low, the sheer size of our trade relationship means that the elimination of all tariffs of industrial goods will have an important impact on businesses and consumers on both sides of the Atlantic," it added.
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The U.S. is the main export destination of EU exports in industrial products and is the second largest exporter of industrial products to the EU.
According to the European Commission, EU-U.S. trade in goods reached about USD722 billion in 2017, of which 598 billion euros are in industrial goods.
"While applied tariffs levels are relatively low, the sheer size of our trade relationship means that the elimination of all tariffs of industrial goods will have an important impact on businesses and consumers on both sides of the Atlantic," it added.
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