US beef-hormone damage set at $117 million

by Chakravarthi Raghavan

Geneva, 12 July -- A WTO arbitration panel has assessed at US $116.8 million the total nullification and impairment to the United States because of the EC ban on imports of hormone-raised beef.

The same panel assessed at CDN$ 11.3 million the damage to Canada as a result of the same ban.

At today's rate 1 US$ is equal to 1.4727 CDN$.

The United States had initially claimed a damage to its trade of about 900 million dollars, then repeatedly brought it down, and most recently it claimed a damage of about $202 million.

The US list of products from out of which it is select for suspension of concessions amounted to $918 million.

The EC had said the damage to US trade was no more than about $53 million and to Canada CDN$3.57 million.

The panel, the same one that gave the original ruling against the EC on the beef-hormone dispute, comprised Thomas Cottier, Peter Palecka and Jun Yokota.

The United States and Canada can now seek a special meeting of the DSB, or wait for the regular meeting later this month, and seek authorization to suspend concessions upto the amounts determined by the arbitrators, and impose retaliatory duties. (SUNS4475)

The above article first appeared in the South-North Development Monitor (SUNS) of which Chakravarthi Raghavan is the Chief Editor.

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