US, WTO Formally Launch Environmental Goods Talks, Pledge Timely Outcome
The U.S., along with 12 other nations and the European Union (EU), launched negotiations on the Environmental Goods Agreement at the World Trade Organization (WTO) in Geneva, Switzerland on July 8, the Office of the U.S. Trade Representative (USTR) said. Negotiators will now meet regularly to try to hammer out a deal in a “timely” fashion, said the participants in a joint statement published by USTR. The statement did not give a specific time target for conclusion of negotiations. The other 12 parties to the talks are Australia, Canada, China, Costa Rica, Hong Kong, Japan, Korea, New Zealand, Norway, Singapore, Switzerland and Taiwan.
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The U.S. International Trade Commission is due to release two studies in coming months meant to evaluate the economic impact of removing duties on environmental goods and the details of specific environmental goods (see 14041724). The negotiation participants announced their intent to launch the talks in January (see 14012411) and Obama administration officials have touted a finished agreement as a likely boost to U.S. exports (see 14042801).
The National Foreign Trade Council applauded the announcement. “While eliminating tariffs is often thought of as a concession in trade agreements, this initiative provides an opportunity to flip that thinking,” said NFTC Vice President for Global Trade Issues Jake Colvin in a statement. “Countries who join up and agree to cut tariffs will lower the cost of adopting green technologies.” The agreement seeks to build off an Asia-Pacific Economic Cooperation pact that aims to reduce to 5 percent or less tariffs on 54 environmental products (here).