The US having failed to implement the WTO panel conclusions on the US tax treatment of Foreign Sales Corporations ("FSC"), the EU has now started, in compliance with WTO procedures, to defining the list of US products that could be subject to additional duties on import to the EU.
CIAA sectors will now examine and comment on the draft list that the Commission released. The fact that the EU is launching a formal consultation procedure with the sectors concerned, to possibly take into account the potential effects on their supplies, is a positive development.
The food and drink industry is, in general, concerned by the number of unresolved trade disputes due to non-respect of WTO rules and case law. The introduction of additional customs duties, as sole retaliation option, is detrimental to trade.
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