EU and Iceland: clarification of certain rules relating to trade (safeguard measures)

SUMMARY OF:

Regulation (EU) 2015/475 on the safeguard measures provided for in the Agreement between the European Economic Community and Iceland

SUMMARY

WHAT DOES THIS REGULATION DO?

• It codifies and repeals the older Regulation (EEC) 2843/72 which had been substantially amended several times.
• It sets out the detailed rules necessary for implementing the bilateral safeguard measures* laid down in the Free Trade Agreement of 22 July 1972 between the European Economic Community (EEC) and Iceland.

KEY POINTS

The European Commission may adopt safeguard measures if the necessary conditions are met.

Furthermore, the European Commission may adopt immediately applicable safeguard and precautionary measures in urgent situations, e.g. in the case of export aids having a direct and immediate effect on trade.

Where the Commission is requested to take action by an EU country, it must take a decision on that request within a maximum period of 5 working days of its receipt.

FROM WHEN DOES THE REGULATION APPLY?

It applies from 16 April 2015.

BACKGROUND

EU-Iceland trade relations are mainly governed by the 1972 bilateral Free Trade Agreement with the EEC and the agreement on the European Economic Area which entered into force in January 1994.

KEY TERM

* Safeguard measures: these measures are introduced when an investigation by the European Commission concludes that imports have increased so much that they cause (or threaten to cause) serious harm to EU producers. They are temporary measures, such as quotas, applied to imports in order to offer EU industry time to make any necessary changes.

ACT

Regulation (EU) 2015/475 of the European Parliament and of the Council of 11 March 2015 on the safeguard measures provided for in the Agreement between the European Economic Community and the Republic of Iceland (OJ L 83, 27.3.2015, pp. 1–5)

last update 31.03.2016