The intention of the USA and EU to draft such an agreement was announced in October 2021. Then it was announced that it would offer a solution to the problem of excess production capacity in non-market economies.
The parties decided to establish a technical working group to realize such an agreement and are currently inviting market countries with similar views to participate in this work. In the statement made by the US presidential administration, it is stated that the final document will be prepared by October 31, 2023.
This deal is seen as the next step after the US and EU agreed to replace steel tariffs on European steel and aluminum producers with quotas that will come into effect on 1 January 2022.
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