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News ID: 72818
Publish Date : 17 November 2019 - 22:13

Australia, Others Ask for Brexit Trade Compensation



LONDON (Dispatches) - Countries including Australia have asked for trade compensation from the UK and the EU over Brexit disruption.
Fifteen countries, including the U.S., India and New Zealand, have been setting out Brexit concerns at a World Trade Organization (WTO) meeting in Geneva.
Australian officials said their meet exporters had already been hit after several Brexit delays.
Brazil said Brexit plans for Northern Ireland could breach WTO rules.
The main issue for the 15 countries is a system which allows them easier access to the EU's large market for limited quantities of some of their goods, mainly farm produce.
It's a system known as "tariff rate quotas".
World Trade Organization members generally apply tariffs - taxes on imports - to many of the goods they buy from abroad.
For some products they have made commitments to allow specified amounts to be imported with tariffs that are lower than what they usually apply. In some cases the reduced tariff is zero.
It makes it more profitable for Australian farmers to sell beef to Europe, for example.
The current quotas are for the whole of the EU, the UK included.
Brexit means the UK and the EU have to decide how to divide them up.
Some countries say that could lead to them having less of the favorable access than they currently have to what is a large and wealthy market.