G-20 rejects EU-US tariff formula

The 8216;8216;blended formula8217;8217;, fails to deliver substantial improvements in market access, specially for products protected by tariff peaks, it said.

The US and the EC had put forward this formula for tariff reductions in the joint text presented in August last year and encompasses a proportion of tariff lines subject to the Uruguay round tariff reduction formula and another proportion subject to the Swiss formula while the remaining tariff lines are proposed to be made duty-free.

Following the failure to agree on a framework text on the subject in Mexico last year, the G-20 undertook an assessment of the blended formula and have now arrived at the conclusion that it is 8216;8216;unacceptable8217;8217;.