On 06.12.2018 a proposal was made to the Council of the European Commission amending Regulation (EU) No 1387/2013 suspending the autonomous Common Customs Tariff duties on certain agricultural and industrial products.
The reason for this is the guarantee of a perfect market zone through a sufficient and continuous supply of the above-mentioned goods. This Regulation is updated every six months and now certain new items are to be included in the Regulation.
Importing companies should consider whether they can benefit from the duty suspensions and what steps they should take to achieve this.
What do duty suspensions mean?
Suspension means that the tariff rate to be applied to the goods to be imported from third countries is reduced, in whole or in part.
Tariff suspensions are mostly granted for agricultural and industrial products which are only produced to a limited extent in the EU. The aim is to improve the competitiveness of the European processing industry. Companies that import raw materials or components should therefore focus particularly intensively on this topic.
After examination, the Commission considers that the suspension of customs duties for certain new agricultural and industrial products is justified. With regard to goods already listed, it is necessary to amend the customs duties and descriptions or the requirements for final recovery. Goods which are no longer of economic interest to the European Union, whose estimated amount of import duties does not reach a threshold of currently € 15,000, are to be removed from the list (after an initial examination about 197 goods).
However, these changes do not affect countries with which the Union has concluded preferential trade agreements. Also excluded are (potential) candidate countries for preferential agreements with the Union.