“Eliminating tariffs is crucial for reversing the recent trends in Portuguese cork exports, ensuring greater competitiveness in accessing one of the most relevant markets for the sector,” the association asserts in a statement.
This decision is described as “especially significant” given the high internationalization of the industry, which is present in all wine-producing countries, and where there is “no room for a short- or medium-term market diversification strategy.”
For Apcor, this represents the “international recognition of the unique geographical specificity of cork,” whose raw material is produced exclusively in the Mediterranean basin, with Portugal standing out as the world’s largest producer.
“The uniqueness of this production gives cork products a globally exclusive character, making it extremely complex to relocate the current European production centers to potential reindustrialization dynamics of the American economy,” it emphasizes.
According to the association, the US is currently the world’s fourth-largest wine producer, holding about 10% of global production. The lack of local or international alternatives capable of replacing the cork stopper “reinforces the strategic importance of these products in the American market, especially for its wine industry.”
Expressing gratitude towards the Portuguese government, the Permanent Representation of Portugal to the European Union (REPER), the Portuguese embassy in the US, and the local delegation of the Portuguese Trade and Investment Agency (AICEP) for their “dedication and decisive contribution to achieving this result,” Apcor considers this “a moment of great importance for the cork industry and the national economy.”
“Defending the interests of a sector in which Portugal is the world leader was ensured through a joint and coordinated effort of various entities, strengthening the strategic position of our products in the American market,” it highlights.
The European Commission stated today that it “reached the target” with the trade agreement with the United States of America (USA), which provides “stability and predictability” and is the “most favorable scenario” that Washington has offered to a partner country.
“We have reached the goal,” said Trade and Economic Security Commissioner Maros Sefcovic about the trade agreement with the US, which “carries considerable weight.”
The commissioner considered that the alternative was “a trade war with astronomical tariffs that would harm everyone.”
According to Maros Sefcovic, the 15% tariffs on the EU are “the most favorable scenario that the US has applied to a partner,” bringing “stability and predictability” to businesses and citizens in the European political-economic bloc.
According to the joint statement released today, Brussels and Washington commit to “a framework for transatlantic trade and investment that is fair, balanced, and mutually beneficial.”
