EU authorities approve adjustment of import quota increase to 3%, market sources say

European authorities have approved an adjustment to the safeguard quota system, lowering the annual quota increase amount to 3%, as part of a review of the existing safeguard mechanism on September 4, market sources told Fastmarkets on Friday September 6.

The definitive safeguard mechanism already in place increases the level of tariff-free quotas for each product category by 5% annually. The first liberalization took place on July 1, 2019, which was the end of the first quota period. Starting from October 1 this year, the quota will be increased by only 3%.

Definitive safeguard measures on a list of imported steel products, in the form of tariff rates and a range of quotas that are partly annual and country-specific and partly quarterly and global, took effect in February this year and were set to remain in place for a...

Published

Maria Tanatar

September 09, 2019

17:07 GMT

Kiev