PURPOSE: to repeal Regulation (EC) No 1342/2007.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
BACKGROUND: the Partnership and Cooperation Agreement establishing a partnership between the European Communities and their Member States, of the one part, and the Russian Federation, of the other part, (“the PCA”), entered into force on 1 December 1997. On 26 October 2007, the EC and the Russian Federation concluded an Agreement on trade in certain steel products. On 22 October 2007, the Council adopted Regulation (EC) No 1342/2007 on administering certain restrictions on imports of certain steel products from the Russian Federation in order to implement the Agreement.
The Agreement stipulates that in the event that the Russian Federation accedes to the World Trade Organisation before the expiration of the Agreement, the Agreement will be terminated and as a consequence the quantitative limits will be abolished as of the date of accession.
On the date when the Russian Federation becomes a member of the World Trade Organisation the Regulation to implement the Agreement will no longer be necessary. Regulation (EC) No 1342/2007 should therefore be repealed with effect from that date.
IMPACT ASSESSMENT: no impact assessment was undertaken.
LEGAL BASIS: Article 207 TFEU.
CONTENT: this proposal for a regulation provides for the repeal of Council Regulation (EC) No 1342/2007 implementing that Agreement in the EU. The Regulation will take effect on the date on which the Russian Federation accedes to the World Trade Organisation.
BUDGETARY IMPLICATIONS: there are no implications for the EU budget.