EU adopts proposal for increased import of Tunisian olive oil into European markets
The European Commission (EC) has adopted a legislative proposal that allows increased import of Tuni…The European Commission (EC) has adopted a legislative proposal that allows increased import of Tunisian olive oil into the EU market.
Until the end of 2017, the EU plans to offer an annual duty free tariff rate quota of 35,000 tons for the country's olive oil exports into the EU.
This is in addition to the existing 56,700 tons under the EU-Tunisia Association Agreement.
The decision has been taken to bolster relationship with Tunisia and to protect its economy after the recent terror attacks. The measure comes as a result of Tunisian olive oil's impact on the European market.
The terror attacks have severely affected Tunisian economy. With this proposal, the EU intends to assist Tunisia with tangible short-term measures.
The proposal will now be put for scrutiny before the Council and then the European Parliament following which it will be formally adopted and implemented.
The EU's proposed quota will be effectual for a period of two years, starting from 1 January 2016 until 31 December 2017. The new quota will be applicable once the existing duty free tariff rate quota of 56,700 tons in the deal gets exhausted.
Tunisia primarily exports olive oil to EU and hence, an important part of the country's economy, providing employment to more than one million people directly and indirectly.
With the EU initiative, Tunisian exports of olive oil to the EU will increase, ushering economic benefit to Tunisia in the short term.