This is the amount that European exporters overpaid because they did not take full advantage of the reduced tariffs offered by the FTAs that the EU as a bloc has signed with a variety of both developed and developing countries.
“This report challenges some enduring myths on preference utilization in free trade agreements,”UNCTAD Secretary-General Mukhisa Kituyi and Anna Stellinger, Director-General of the National Board of Trade Sweden, write in the preface to the report. “For example, it is commonly believed that FTAs, in general, are not used to a high degree.”
However, empirical data presented in the report indicates that companies in the EU mostly take advantage of FTAs with other countries.
The report concludes that, while some potential in the agreements remains untapped, companies are for the most part making use of them.
“The EU’s exporters use the agreements for 67 percent of their exports to countries with which FTAs exist,” co-author Stefano Inama of UNCTAD said.
“But we can also note that the EU’s importers use the free trade agreements to an even greater extent. In 90 percent of cases where tariff reductions can be used, they are,” co-author Jonas Kasteng of the National Board of Trade Sweden said.
A large proportion of this under-utilization is in exports from the EU to major free trade partners such as Switzerland and the Republic of Korea, while the biggest share of unused tariff reductions to the EU is in imports from Switzerland, Turkey, South Korea and Mexico. This hits imports to a value of EUR 10.5 billion (USD 12.9 billion).
In total – if all free trade agreements are considered – the EU’s importers forfeit EUR 600 million (USD 742 million) in reduced tariffs every year. This ultimately means higher prices for the manufacturing industry and for consumers.
OUCO Marine/Offshore 1T30M@20T3M Telescopic boom cranes
OUCO Marine/Offshore 1T30M@20T3M Telescopic boom cranes are based on a pedestal slewing design with hydraulic cylinder luffing. The boom extension is a telescopic inner section that allows a more flexible and wider operational radius in use and leaves the crane stored in a compact position.
The advantages of the telescopic cranes are low weight and less complex design making them maintenance-friendly. This offshore crane especially wildly been used in the mild-east area for the OSV (oil service vessel); which is especially designed according to the harsh working environment there. OUCO Marine Telescopic cranes can be designed and manufactured by clients’ requirements in our own factory.The perfect solution for applications that require reach and compact storage, the Telescopic Boom crane is available with two to four box boom sections.
Typical Applications: Provision cranes, Service cranes, Container and cargo handling cranes