The European Union Trade Commissioner, Pascal Lamy, has praised the efforts of US senators in passing the JOBS bill on Tuesday, stating that the vote marks an important step towards the thawing of transatlantic trade relations.
“It goes without saying that the moment WTO-compliant legislation becomes law, the EU will immediately repeal the countermeasures. That will be good news for all involved in transatlantic trade. Let's hope the time has come to put this long standing dispute behind us once and for all", Lamy announced following the Senate vote.
On 1 March 2004 the EU imposed countermeasures consisting of an additional customs duty of 5% on a list of US products, followed by automatic monthly increases of 1%, up to a ceiling of 17% to be reached on 1 March 2005, should the US not have achieved compliance in the meantime.
The Trade Commissioner is urging the House of Representatives, which must now take up and pass the bill, (which may then require further Senate approval) to “rapidly approve” the new measures.
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