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EU, US Seal Landmark Trade Deal
(MENAFN) The European Union moved decisively Tuesday to cement a landmark transatlantic trade arrangement, as negotiators from the Council Presidency and the European Parliament reached a provisional deal on two sweeping regulations tied to the EU-US Joint Statement of 21 August 2025.
The hard-won agreement fast-tracks key tariff commitments from the broader transatlantic package, signaling renewed momentum in EU-US economic relations and providing businesses on both sides of the Atlantic with greater long-term certainty.
Michael Damianos, Cyprus's Minister for Energy, Commerce and Industry, framed the breakthrough as proof of the bloc's credibility on the world stage.
"Maintaining a stable, predictable and balanced transatlantic partnership is in the interest of both sides. Today, the European Union delivers on its commitments," Damianos said.
The first of the two regulations dismantles remaining customs duties on American industrial goods and widens preferential market access for a range of US exports — spanning tariff rate quotas, reduced levies on select seafood products, and concessions on non-sensitive agricultural goods.
The second regulation targets lobster specifically, extending the suspension of import duties on the product in both whole and processed forms — a provision set to apply retroactively from August 1, 2025.
Despite the agreement in principle, the regulations require formal ratification by both the Council and the European Parliament following legal and technical review. Upon adoption, both measures take immediate effect the day after appearing in the Official Journal.
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