U.S. beef producers will garner a larger share of the European Union (EU) market for beef produced without hormones via an agreement signed in Washington on Friday.
The agreement establishes a duty-free tariff rate quota (TRQ) exclusively for the United States for shipment of hormone-free beef to the EU. The initial TRQ is 18,500 metric tons for the U.S. initially, rising over seven years to 35,000 metric tons annually.
The value of U.S. beef exports would rise by $270 million when fully implemented to a total of $420 million annually.
The European Parliament still must give their consent to the agreement.
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