Business
Irish leaders welcome clarity on EU-US trade deal and pharma tariffs set at 15%
Ireland’s premier and deputy premier have welcomed clarity on the EU-US trade deal, which sets a maximum tariff rate of 15% for the pharmaceutical sector.
Taoiseach Micheal Martin said it was a “significant win” for the EU and highlighted the arrangements for the pharmaceutical and aviation sectors.
The statement said that as of September 1, the US will apply a maximum tariff rate of 15% on “generic pharmaceuticals and their ingredients and chemical precursors”.
Simon Harris, Ireland’s deputy premier and Minister for Foreign Affairs and Trade, welcomed the clarity the statement offered on the EU-US trade agreement announced on July 27.
“We welcome clarity that the deal includes a single, all-inclusive 15% tariff on EU goods,” Mr Harris said.
“We also now have assurance that this rate will extend to pharmaceuticals and semiconductors.
“This provides an important shield to Irish exporters that could have been subject to much larger tariffs pending the outcomes of Section 232 US investigations into these sectors.”
There is also a “zero-for-zero” tariff rate carve outs for aircraft and aircraft parts, with further carve outs to be determined for certain products in generic pharmaceuticals and chemicals.
Mr Harris said this offered a “first step” to a more “comprehensive and formal agreement with the US in the future”.
“Our intention now is to see what other carve outs can be made in areas of interest for Irish exporters.”
Irish premier Micheal Martin said the statement brought “greater clarity and certainty” to what the agreement between the EU and the US will mean in practice.
“This is especially important for enterprises that either import from or export to the US.
“Given the scale of the pharmaceutical and semiconductor sectors in Ireland, it is important that the Joint Statement confirms that 15% is a ceiling that will apply to EU exports in these areas in all circumstances, including when the current US Section 232 investigations are concluded.
“While I have been clear all along that I do not support tariffs, this is a significant win for the EU.
“Given the significance of the airline sector to Ireland, a specific carve-out for aircraft and aircraft parts is also welcome.
“There are areas where further work remains to be done, including a potential carve-out for med-tech products and spirits.
“I hope this will be advanced as quickly as possible. We will continue to advocate for these sectors given their significant importance to our domestic economy.”
Co-op chair Debbie White said: “We thank Shirine for her leadership and for the significant contribution she has made to our Co-op, to our communities and to the co-operative movement during her tenure. The Board is grateful for her commitment and leadership, particularly during a challenging few years, and we wish her every success in the future.”
Air travel is all set to become highly expensive as the airlines are indicating at doubling the air ticket prices following a whopping increase in jet fuel rate.
The jet fuel price has rocketed to Rs417 from Rs388 per litre in Pakistan and the airlines have started to increase the airfares through enhancing fuel surcharge rates.
The airlines maintained the basic fare but added the fuel price surge into the fuel surcharge.
The one-way fare from Karachi to Islamabad and Lahore has shot up to Rs40,000 while air travel on chance seats for Islamabad and Lahore has soared by 150 percent.
Accordingly, the Pakistan International Airlines (PIA) has boosted the airfares by 10 to 100 dollars.
Domestic flights will now carry additional $10 fuel surcharge which on Canada routes extra $100 will be received as fuel charge.
Passengers on UK-bound flights to pay 75 dollars additional surcharge while 50 dollars will be received on Middle East routes.
Private airlines have gone a step ahead as they enforced charging additional 15 dollars to 150 dollars on different routes.
The airlines were under pressure after closure of many air routes with the airlines administrations are saying that extraordinary rise in airfares has become inevitable.
Earlier on Wednesday, Pakistan fuel NOTAM forced foreign airlines to tanker Jet A-1 fuel from abroad and limit uplift at Karachi and Lahore airports.
The Pakistan Airports Authority issued the order to protect local supplies amid supply disruptions.
Foreign carriers now arrive with enough fuel for their return flights while Pakistani airlines receive full requirements.
This change hit operations on March 25 when one Karachi-to-Doha flight diverted to Muscat.
The Pakistan fuel NOTAM A0147/26 took effect on March 13 and runs through March 31 2026. It targets Jinnah International Airport in Karachi and Allama Iqbal International Airport in Lahore.
Airlines follow the rule and carry maximum fuel on inbound legs. Officials confirm foreign airlines get only the minimum quantity inside Pakistan.
Pakistan fuel NOTAM creates immediate changes on the ground. Foreign airlines offload passenger baggage and cargo to stay within weight limits.
The extra fuel adds weight that reduces payload capacity on every affected flight.
According to a Notice to Airmen (NOTAM) issued by the PAA, the supply of aviation fuel at domestic airports has been significantly curtailed due to regional supply chain disruptions, advising international carriers to maximize their fuel “uplift” at foreign stations and minimize refuelling within Pakistan.
The directive has already begun to impact international flight schedules.
The government-backed bank has been accused of a series of errors, including not paying bereaved families money that was rightfully theirs.
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