Washington, June 15 (Sputnik): The United States and the European Union eventually reached an agreement to end the 16-year dispute over subsidies to plane makers Boeing and Airbus, tariffs will be suspended for five years, US Trade Representative Katherine Tai announced on Tuesday.
“The (US) President (Joe Biden) has been clear that his goal is to demonstrate the capacity of democracies to both meet the challenges and deter the threats of this new age. And he was also clear that he wanted to demonstrate that the US. could lead the world’s democracies in a foreign policy for the middle class. Today’s announcement that the US and EU have reached a 5-year agreement in the 16-year-long Boeing-Airbus dispute does just that,” Tai said at a briefing.
“We have, first of all, suspended the US-EU tariffs that were authorised by the WTO (World Trade Organisation) that are related to this dispute for a total of five years, while retaining flexibility for the United States … These tariffs will remain suspended so long as EU support for Airbus is consistent with the terms of this agreement,” Tai explained.
This agreement “marks significant progress towards achieving a long-term solution to this 16-year dispute”, the official emphasised.
“We are finally coming together against a common threat. We agreed to work together to challenge and counter China’s non-market practices in this sector in specific ways that reflect our standards for fair competition. This includes collaboration on inward and outbound investment and technology transfer,” Tai added.