Warding off a potential trade dispute, the United States and Europe announced Monday that they had reached an agreement on U.S. brown rice exports to the European Union. Washington claimed that new E.U. tariffs on rice exports, put in place in September, were unfair and said it was prepared to take the case to the World Trade Organization (WTO). But such action was averted by the pact, in which the European Union said it would lower tariffs if its imports of brown rice fall below a certain level. "I am pleased we have been able to resolve this dispute with Europe in a way that expands market opportunities for U.S. rice exporters," said acting U.S. Trade Representative Peter Allgeier. "While we were ready to exercise our WTO rights to withdraw concessions, resolving this issue bilaterally is a much better outcome for everyone." In the past five years, U.S. brown rice exports to the union averaged 33 million dollars annually. --SP 2347 Local Time 2047 GMT
