EU and Russian pen deal to boost steel quota
- By Tomaso Veneroso
- Published 10/30/2007
- On Europe
- Unrated
The European Union has opened the door to increased imports of Russian Steel after signing a deal to boost quota levels this year and next, according to a statement on the EU website.
The agreement increases the quota around 2.9 million tonnes in 2007 from the previous level of 2.4 million tonnes.
The quota applies to carbon flat and long products including various types of coil,heavy plate,beam and wire rod which rappresent about one third of Russian steel exports to the EU.
The agreement will be automatically renewed after 2008. It will be repealed as soon as Russia joins the World Trade Organization.
The deal was signed in at the EU-Russia Summit in Mafra, Portugal by EU trade commisioner Peter Mandelson and Portuguese foreign minister Luis Amado and by the Russian minister of trade and economy Elvira Nabiullina.
The agreement increases the quota around 2.9 million tonnes in 2007 from the previous level of 2.4 million tonnes.
The quota applies to carbon flat and long products including various types of coil,heavy plate,beam and wire rod which rappresent about one third of Russian steel exports to the EU.
The agreement will be automatically renewed after 2008. It will be repealed as soon as Russia joins the World Trade Organization.
The deal was signed in at the EU-Russia Summit in Mafra, Portugal by EU trade commisioner Peter Mandelson and Portuguese foreign minister Luis Amado and by the Russian minister of trade and economy Elvira Nabiullina.
