ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Passports
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Tariffs
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Borders
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Racism
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Sales Tax
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Detailed explanation-1: -Under the agreement, the EU will eliminate tariffs on imports of U.S. live and frozen lobster products. U.S. exports of these products to the EU were over $111 million in 2017. The EU will eliminate these tariffs on a Most Favored Nation (MFN) basis, retroactive to begin August 1, 2020.
Detailed explanation-2: -The tariff is common to all EU members, but the rates of duty differ from one kind of import to another depending on what they are and where they come from. The rates depend on the economic sensitivity of products.
Detailed explanation-3: -In 2021, 39 trade barriers (six more than in 2020) were fully or partially removed, mostly through cooperative engagement with the trading partners concerned. Their elimination had an immediate positive effect on EU exporters, notably in the food sector as most of them concerned sanitary and phytosanitary measures.
Detailed explanation-4: -Multilateral agreements As a member of the WTO, the EU tries to reduce barriers to trade and encourage free and fair global trade through multilateral negotiations and create a stable and transparent set of rules.