Topics in Brief

• Author: International Law Group

Mexico will drop its tariff on U S. apples

As a result of recent trade negotiations, Mexico has consented to get rid of its 46.6% antidumping tariff on Pacific Northwest Red and Golden Delicious apples. The old tariff went into effect in August of 2002 and will come to an end on February 28, 2005. Yakima's Northwest Fruit Exporters (NFE) is a nonprofit organization that runs apple and cherry exports for over 80 packers and shippers in Washington, Oregon and Idaho. NFE negotiated the duty-free adjustments in the two kinds of apples mentioned above. Washington state alone exported $607 million in products to Mexico in 2003, up 40 percent over 2002. About 25% of this consisted of food and other agricultural products.

Citation: Associated Press (online), Spokane, Washington., Tuesday, January 4, 2005 (byline of John K. Wiley, AP writer); Tri-City Herald, January 4, 2005.

Turkey has simplified its currency

As of January 1, 2005, Turkey has made a major adjustment in its currency by getting rid of the last six zeros on its currency notes. A bank note for 1 million lira has thus become a one-lira note now worth about 74 cents in U. S. money. In practice, the 20,000,000 Lira visit to the movies has turned into 20 new Turkish liras. Annual inflation recently was running about 140% and one response was to add zeros. During 2004, Turkish inflation had gone down to about 12% but the government has set its target inflation rate at 8% for 2005. One Turkish street merchant expressed satisfaction with the change by noting that it will be a good thing to have local money closer to European and U. S. usage. The government apparently has not figured out how to dispose of the 1,600 tons or so of old liras. Many nations have buried or burned their obsolete bank notes. Another option might be making use of the old notes in road-paving.

Citation: The New York Times Company (online), Istanbul, December 29, 2004 (byline of Susan Sachs); Los Angeles Times, page A3, January 1, 2005.

EU makes decision regarding agreement with U S. on energy-efficient labelling program for office equipment

The Commission of the European Union has issued a decision regarding...