BRUSSELS (Reuters) – The European Union endorsed on Friday new tariff rate quotas (TRQs) that the bloc will apply mainly for agricultural products coming from other World Trade Organisation members after Brexit.
TRQs are the maximum quantity of imports of a given category of good on which a WTO member pledges to apply low import duties.
Britain’s withdrawal from the European Union obliges the current TRQs for the 28 member states of the bloc, including Britain, to be split. The new TRQs will apply the day after Britain’s withdrawal from the EU, currently planned for March 29, 2019.
(Reporting by Philip Blenkinsop; editing by Francesco Guarascio)