In anticipation of the announced exit of the U.K. from the European Union, negotiations to establish agricultural quotas were initiated almost two years ago within the framework of the World Trade Organization. An agreement concluded last week covers beef, poultry, rice, dairy products and wine.  The purpose of the bilateral discussions was to divide quotas between the EU 27 and the U.K. based on historical trade flows.

The E.U. Commissioner of Agriculture Janusz Wojciehowski stated, "I am particularly pleased that this agreement marks the significance of our trade and economic relationship.  The agreement preserves the original volumes that is shared among the E.U. and the U.K. and provides stability to trade in markets.

The European Commission will refer the agreement to the European Council and the European Parliament to be ratified.