The United States and the European Union agree to reduce duties on some products

The European Union and the United States agreed to reduce customs duties on some products, the two trade partners announced in a joint statement on Friday.

This would boost market entry for “hundreds of millions of dollars” in US and European exports, the statement said.

The European Union will reduce tariffs on imports of live American crab and frozen products.

According to the statement, the value of lobster products was more than 94 million euros ($ 111 million) in 2017.

US Trade Representative Robert Lightizer and European Commissioner for Trade Phil Hogan said: “We aim with this package of reducing tariffs to be only the beginning of a process that leads to additional agreements that achieve reciprocal transatlantic trade with greater freedom and fairness”.

The reduction will initially apply for a period of five years, although the Commission will start making these amendments permanent.

In return, the United States will cut customs duties by 50 percent on materials annually valued at 127 million euros.

This will include a range of specific products such as some ready-made meals, cigarette lighters, and specific types of glassware.

The retroactive reduction in customs duties will start on August 1.