Bilateral Agreement between Ireland and USA: What You Need to Know
On July 21, 2021, Ireland and the United States signed a bilateral agreement to temporarily suspend certain tariffs on goods. This agreement is designed to help ease the economic burden on businesses and consumers that have been impacted by the disputes over aircraft subsidies that have been ongoing between the two countries for many years.
The agreement is part of a broader effort to foster positive economic relations between Ireland and the United States. As two historically close allies, the countries are keen to develop strong ties across a range of sectors in the coming years. This agreement is seen as a good starting point for this process.
One of the key aspects of the agreement is the suspension of tariffs on a range of goods. This includes Irish liqueurs, cheese, and pork products, as well as US whiskey, wine, and tobacco products. The suspension will last for four months as both countries seek to resolve the underlying disputes over aircraft subsidies.
The agreement has been welcomed by businesses on both sides of the Atlantic. Irish exporters, in particular, stand to benefit from the suspension of tariffs on their products. It is hoped that this will help to boost Irish exports to the United States, which is an important market for many Irish businesses.
The lifting of tariffs is also good news for US businesses that export goods to Ireland. This will make their products more competitive in the Irish market, which is important for companies looking to expand their overseas operations.
In addition to the suspension of tariffs, the agreement also includes a commitment to work towards resolving the underlying disputes over aircraft subsidies. This will involve both countries engaging in discussions to find a mutually acceptable solution to the issue.
Overall, the bilateral agreement between Ireland and the United States is a positive step for both countries. It demonstrates a commitment to improving economic relations and fostering closer ties across a range of sectors. As the world looks to recover from the economic impact of the COVID-19 pandemic, agreements like this will be important in helping to support businesses and facilitate trade.