Brazil: Almond Imports from Argentina Allowed for First Time
Brazil and Argentina recently reached an agreement to allow the import of almonds from Argentina into Brazil. The recently announced phytosanitary requirements for Argentine almonds will come into force on February 1, 2024. Under the new guidelines, a phytosanitary certificate issued by Argentina’s plant protection authority will be required.
Chile-EU: Advanced Framework Agreement and Interim Trade Agreement Signed
On December 13, 2023, Chile and the European Union signed an Advanced Framework Agreement and an Interim Trade Agreement. These agreements put in place a framework to deepen and widen Chile-EU relations.
China-Nicaragua: Free Trade Deal
The free trade agreement between China and Nicaragua took effect on January 1, 2024. Under this agreement, 60% of goods traded between the two countries are exempt from tariffs immediately.
EAEU-Iran: Free Trade Deal
On December 25, 2023, the Eurasian Economic Union (EAEU), which consists of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, signed a free trade agreement with Iran. The agreement will become permanent and replace a similar temporary agreement adopted 2019.
EU: Suspension of Certain Tariff Preferences for GSP Beneficiary Countries Extended
On December 15, 2023, the Official Journal of the European Union published Commission Implementing Regulation (EU) 2023/2780. Under this new regulation, the suspension of certain tariff preferences granted to certain Generalized Scheme of Preferences (GSP) beneficiary countries will be extended until December 31, 2027.
EU: Recognition of Control Bodies for Import of Organic Products
The Official Journal of the European Union published Implementing Regulation (EU) 2023/2785, which updates the list of control bodies recognized for the purpose of importing organic products into the Union.
Mercosur-EU: Trade Deal Negotiations Stall
Hopes for a Mercosur-EU trade deal to be reached before the end of 2023 were dashed on December 7, when the two sides issued a joint statement indicating that more time will be needed to “address the global challenges in areas such as sustainable development, reduction of inequality and multilateralism.”
New Zealand-EU: Free Trade Deal
In late November 2023, the European Council gave the green light to a free trade agreement between the EU and New Zealand. The agreement can enter into force once it has been ratified by New Zealand and the two sides notify each other about the completion of their internal procedures.
USA-EU: Deal Reached to Extend Pause on Tariff Dispute
The United States and the European Union will extend the suspension of tariffs until March 31, 2025 in the context of a longstanding steel and aluminum dispute.
The dispute dates back to 2018, when the US introduced tariffs on European steel and aluminum and the EU responded by introducing rebalancing tariffs on imports of certain American products —including peanut butter and processed cranberry products— into the EU. In 2022, the parties reached an interim agreement under which the EU suspended its rebalancing tariffs until December 31, 2023, to allow time for negotiations towards a longer-term solution.
Under the deal announced on December 19, 2023, the US-EU trade dispute will be paused until after the 2024 American presidential election.
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