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Executive Report on Strategies in Denmark
ICON Group International, June 2007, Pages: 391
How to Strategically Evaluate Denmark
Perhaps the most efficient way of evaluating Denmark is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Denmark
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Denmark. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Denmark:
Openness to Trade in Denmark
Openness to Direct Investment in Denmark
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Denmark. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Denmark over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Denmark when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Denmark as an area of dominant influence in Europe and, potentially, the world.
The report concludes with trade indicators for Denmark. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Denmark.
As a whole, this report presents a strategic assessment of Denmark by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN DENMARK
Economic Fundamentals and Dynamics
Despite the general economic success and the strong underlying economy, a number of problems have not been fully resolved, e.g. a large number of government “transfer income” recipients, an excessively large public sector, and a continuing large government debt. Nearly 20% of the working age population lives on some type of public transfer income. Although this number is falling, it remains a chronic problem for the Danish economy and burdens the main pillars of Denmark’s standard-of-living model; free public education, health care from cradle to grave, subsidized daycare for children, and eldercare.
Two-thirds of Danish trade is within the EU.
Government Intervention Risks
The public sector, with its 845,000 employees (31% of the labor force), plays a crucial role in the Danish economy. The Danish income distribution model is based upon the public sector providing essentially all basic services: health, social security, welfare and education. Created in the booming 1960s with full employment and far fewer women participating in the work force, the income distribution model’s validity and high cost are important issues on the political agenda. It remains politically difficult to introduce any major changes. Some vital government services are now suffering under the high cost of financing transfer income payments and servicing the large public debt, which together consume nearly 40% of total public revenues or 21% of GDP. Public hospitals are not up to the highest international standards and waiting lists for non-emergency treatment remain long. This has led to the increased use of private hospitals by wealthier Danes and Danes holding private health insurance.
Infrastructure Development
Physical Infrastructure
Denmark has a long-standing tradition trade, transport and distribution, which combined with governmental investments and private business initiatives, have developed the Danish transport, distribution and logistics system into one of the most efficient in Europe.
The strengths behind Denmark’s top-ranked infrastructure in regard to central distribution are:
Two international airports
Ten international ports with free port and trade zone facilities
Extensive road and rail network
International forwarders and integrators with bonded warehouse facilities and
Multi-modal distribution solutions.
Virtual Infrastructure
Denmark’s “virtual” infrastructure is also quite advanced with a government dedicated to making Denmark “The world’s most advanced IT nation.” the goal set by the Prime Minister is that Denmark should have the most modern and “future-proof” infrastructure, which would offer inexpensive broadband access to as many users as possible. Most Danish companies are fully computerized. A recent survey by the Green’s Institute shows that 98% of all Danish companies have access to the Internet. In addition, more than 60% of the population has access to the Internet.
The present telecommunication infrastructure consists of copper, co-axial, optical fiber and also various radio based techniques through which PSTN, ISDN, xDSL, ADSL, and GSM services are offered. Cable TV companies are also beginning to offer broadband services via their cables. Denmark’s infrastructure is based on the infrastructure of the original national telephone companies which later became TDC (Tele Danmark, controlled by U.S.-based SBC Communications). Since the liberalization of the market, new cable and systems have been added to the present TDC infrastructure.
Political Risks
Economic Relationship with the United States
Bilateral relations are excellent. NATO, the cornerstone of the American national security relationship with Western Europe, is popular in Denmark, perhaps more so than in any other country in Europe. An overwhelming number of Danes favor Danish membership in NATO, and the Danes are also adamant that progress toward European integration should not come at the expense of transatlantic ties.
Politics and the Business Environment
While political issues rarely affect the Danish business climate, the business sector believes that the high income taxes and the series of environmental taxes imposed on business, can jeopardize Danish competitiveness and incentives to work.
The Political System
Denmark is a constitutional monarchy and is among the world’s most politically stable democracies. The Constitution dates from 1849, when the King renounced absolutism. The latest and most comprehensive amendments to the Constitution date from 1953. The monarch nominally rules through the Prime Minister and his Cabinet. The Prime Minister is accountable to the Folketing, Denmark’s unicameral parliament. The monarch “chooses” the Prime Minister based on recommendations from the leaders of the political parties. The monarch can, on rare occasions, grant pardons; judicial power rests solely with the courts.
Denmark has a history of minority coalition governments. The Parliament is elected for a four-year term and has 179 members. Greenland and the Faeroe Islands, home rule territories of the Danish realm, have two Members of Parliament each among the total 179 members. Parliamentary elections are often held before the full four-year terms are up, either because the Government is toppled in a vote of no-confidence or because the Prime Minister calls an election to improve the ruling coalition’s parliamentary position. Voter participation in general and municipal elections frequently exceeds 80%.
The Prime Minister works through cabinet ministers and their ministries. Cabinet ministers need not be members of Parliament. Ministers have no political Deputy Ministers or Secretaries of State as in other parliamentary democracies. Rather, they have a Permanent Under Secretary (in some instances more than one), who is the highest-ranking civil servant within the ministry. There are very few political appointees among the civil servants, who remain largely unaffected by changes of government.
Major Political Parties
Four Danish political parties have a parliamentary history of 80 years or longer. Political parties play a much greater role in Danish politics than they do in the United States. Parliamentary seats are allocated following elections based on proportional representation. Members of Parliament strongly represent their political party’s policies and are supported by their constituents based on the party platform. Members of Parliament do not have staffs provided by the state (nor, for that matter, do parliamentary committees), only secretarial assistance. As a result, Danish parliamentarians must rely on their parties for support and technical expertise on legislative issues. Party discipline, as a consequence, is very tight.
Social Democrats
2 Thorvaldsensvej
DK-1780 Copenhagen V
Tel: 45/31-391522
Fax: 45/31-394030
E-mail: socialdemokratiet@net.dialog.dk
www.socialdemokratiet.dk
Liberals
30 Sollerodvej
DK-2840 Holte
Tel: 45/45-802233
Fax: 45/45-803830
E-mail: venstre@venstre.dk
www.venstre.dk
Conservatives
Press Service
Christiansborg
DK-1240 Copenhagen K
Tel: 45/33-374388 or 45/33-120266
Fax: 45/33-931431
E-mail: konservative@konservative.dk
www.konservative.dk
Socialist People’s Party
Christiansborg
DK-1240 Copenhagen K
Tel: 45/33-374491
Fax: 45/33-147010
E-mail: sf@sf.dk
www.sf.dk
Danish People’s Party
Christiansborg
DK-1240 Copenhagen K
Tel: 45/33-375199
Fax: 45/33-375191
E-mail: df@ft.dk
www.danskfolkeparti.dk
Social Liberals
Christiansborg
DK-1240 Copenhagen K
Tel: 45/33-374747
Fax: 45/33-137251
E-mail: radikale@radikale.dk
www.radikale.dk
Unity List - Red-Green Alliance
24 Studiestraede
DK-1455 Copenhagen K
Tel: 45/33-933324 or 45/33-375050
Fax: 45/33-320372
E-mail: enhedslisten@enhedslisten.dk
www.enhedslisten.dk
Christian People’s Party
Christiansborg
DK-1240 Copenhagen K
Tel: 45/33-374999
Fax: 45/33-374998
E-mail: krf@ft.dk
www.krf.dk
Marketing Strategies
Distribution and Sales Channels
Methods of distribution in Denmark vary with the type of product. Capital goods, commodities and industrial raw materials are most often handled by non-stocking sales agents. Specialized and high-technology products are frequently sold through fully-owned subsidiaries of which there are about 350. These represent a substantial portion of U.S. corporate sales of products and services in Denmark. Consumer goods are usually sold through importing agents and distributors, but are increasingly being imported directly by major retail and department stores. The non-food retail trade is increasingly being dominated by chain stores.
The Danish food retail sector is dominated by two large retail chains (FDB and Dansk Supermarked) which account for over 50% of the total food retail market. These have substantial in-house wholesale and import divisions. There are about 30 significant independent food product importers in Denmark.
Agents and Distributors
Today’s modern communications media have eliminated numerous barriers, but many Danish companies still prefer to deal with an established local agent or distributor, rather than buying directly from abroad. In many cases, this is based on a preference for, or even a requirement to have, a responsible, legal entity in Denmark supplying the product. The Danish agent/distributor community has developed over centuries and is today a select and competitive group of businesses. Many sectors are dominated by a few powerful and quite conservative companies, which have spent decades establishing lasting relationships with their clients. There is now some slow movement toward direct purchasing, especially from European suppliers. This trend is especially evident in the food business, where the larger retail chains maintain in-house import divisions. At the same time, there is an increasing trend for foreign companies to establish branch offices in Denmark. In some cases, the competitive environment may even necessitate such a step. Where a U.S. company does not wish to establish its own sales office in Denmark, it is advisable to seek a local agent or distributor.
Franchising
Although franchising is not as widespread as in the United States, it is a well-known form of business, and more Danes are becoming interested in investing in franchising businesses. However, the bulk of franchise-operated businesses are still of Danish or Scandinavian origin. American franchising companies also operate in Denmark. The longest established are McDonalds and KFC. Franchising is also common outside the fast food trade. Shoe-repair services, convenience stores, car rental, health clubs, and indoor tanning salons are examples. There is no specific franchising legislation in Denmark. Franchising is subject to legal framework governing all business enterprises. U.S. companies are therefore strongly advised to consult a Danish attorney and the Danish Franchising Association before entering into any form of franchising agreement with a local company or individual. The Danish Franchising Association was established in 1984 and is a member of the International Franchising Association headquartered in the United States.
Direct Marketing
Danes are conservative consumers and, because of the small size of the country, used to easy and fast access to retail outlets. Door-to-door sales are generally considered an intrusion on privacy and are, with a few exceptions, prohibited by law. Other forms of direct marketing prevail: telephone marketing is permitted, but its success rate with the conservative Danish consumer has been disappointing. The direct marketing type which has most piqued consumer curiosity are combination mail-order catalogs and TV-Shop sales. Direct marketing, including Internet sales, still plays an insignificant role in relation to total retail sales.
Joint Ventures and Licensing Options
Licensing and joint venture arrangements are common in Denmark. Danish firms are fully familiar with both licensing foreign products for manufacture and sale in Denmark and licensing their own products for sale abroad. There is no requirement to register licensing agreements with Danish authorities, and there are no Danish government restrictions on remittance of royalties or fees. Joint ventures may be established as corporations, general partnerships, or in any other legal format. Danish law does not discriminate against joint ventures with foreign participation. The central Government of Denmark, through the Ministry of Trade and Industry, actively encourages foreign companies to manufacture high-technology products in Denmark. In addition, several Danish local government authorities and non-profit organizations have established offices and programs to attract foreign investment and joint ventures.
Creating a Sales Office
Setting up a branch office in Denmark requires a relatively simple registration procedure with the Danish Trade and Companies Agency. The filing requirement is for general information on the U.S. parent company and the activities of its Danish branch. This includes place of business, accounting periods, memorandum and articles, and the power of attorney granted to the branch manager. For tax purposes, branches of foreign companies are treated as incorporated companies. As in many other countries, numerous rules and regulations apply to establishing a Danish corporation. Danish business legislation does not discriminate against foreign subsidiaries or foreign-owned companies. Foreign companies need only meet the requirements applicable to national companies. As in the United States, it is advisable to secure the services of an attorney and a CPA when establishing a business. There are an estimated 350 subsidiaries of American companies in Denmark.
Selling Strategies
The factors that determine where importers place their orders are almost entirely commercial, although cultural and historical or social ties with a long-standing trade partner may play a role. General competitive factors such as price, quality, promptness of delivery and availability of service determine the success of a supplier in Denmark. Patience and commitment count. Danes do not change suppliers easily, and many commercial relationships have been maintained over decades. Export companies seeking only a fast return have very little chance of success in Denmark.
Most exporters introducing a “new” product in Denmark should expect fierce competition from domestic, third country, and often U.S. companies already well established in the market. In many cases, local distributors or agents will either decline taking on the representation of a new product line, or alternatively, request a substantial financial contribution towards market entry costs. Consequently, the best, or sometimes even the only way for a new-to-market company to enter the Danish market can be through establishing its own sales office.
Advertising and Trade Promotion
Introducing a new product or company into the Danish market is often a costly affair. U.S. and foreign parent companies are expected by their Danish agents to cover, in full or in part, advertising and promotion expenses. Several, large, American and international advertising agencies maintain offices in Denmark. Companies in Denmark spend about USD1.0 billion, annually, on advertising. Television is the largest medium. The code of conduct for advertising in Denmark is, in some areas, more conservative and consumer protection oriented than that of the United States. In other areas it is even more liberal. For example, nudity, per se, is not considered obscene, and it is seen in some Danish advertising. On the other hand, TV commercials for tobacco and medicine are not allowed. Commercials appealing directly to children are subject to legislative restrictions. The rules and regulations for advertising and marketing are determined in the “Markedsforingsloven” (the Act on Marketing). In July 2000, Denmark introduced ‘opt-in’ requirements for unsolicited commercial electronic mailings. The Consumer Ombudsman oversees compliance with the Act on Marketing. He may take action on his own initiative or based on complaints by third parties. However, he will not be consulted for prior approval or rulings on planned campaigns. Examples of typical cases for Consumer Ombudsman action are those involving misleading statements and unfounded claims of a product’s qualities.
Generally, the types of advertising media that exist in the United States also exist in Denmark. Television commercials, however, are more restricted. Under Danish rules, they cannot interrupt a program and may be shown only in assigned blocks between programs. Only one of the two national stations, TV-2, carries commercials. The other, Danmarks Radio, is a public service station and does not carry commercials although it does allow certain restricted types of program sponsorship. A recent de-regulation provides for networking of local TV stations. A number of such local stations have merged into “TV-Danmark”, which carries commercials under the same regulations as TV-2. One, Danish-language TV station (TV3), broadcasting via satellite from the U.K. and receivable only via microwave dish or cable, reaches almost as many viewers as the three Danish nationwide stations. Because it broadcasts from the U.K. and has foreign ownership, it operates outside Danish rules and places commercials within programs. Another popular form of audio-visual advertising is the showing of commercials in movie theaters prior to the main feature film. Printed media advertising is widely used. Advertising on the Internet is increasing.
Major Newspapers
Berlingske Tidende
Pilestraede 34
DK-1147 Copenhagen K
Tel: 45/33-757575
Fax: 45/33-752020
E-mail: annoncer@berlingske.dk
Web site: www.berlingske.dk
(Contains separate business section)
Circulation: 141,593/Weekdays, 167,515/Sundays
Jyllandsposten
Bladhuset i Viby
Grondalsvej 3
DK-8260 Viby J
Tel: 45/87-383838
Fax: 45/87-383199
E-mail: annonce@fc.jp.dk
Web site: www.jp.dk
(Contains separate business section)
Circulation: 177,080/Weekdays, 235,924/Sundays
Politiken
Raadhuspladsen 37
DK-1785 Copenhagen V
Tel: 45/33-118511
Fax: 45/33-154117
E-mail: annoncer@pol.dk
Web site: www.politiken.dk
Circulation: 136,470/Weekdays, 170,475/Sundays
Borsen
Montergade 19
DK-1140 Copenhagen K
Tel: 45/33-320102
Fax: 45/33-911050
E-mail: annonce@borsen.dk
Web site: www.borsen.dk
(The Danish “Wall Street Journal”)
Circulation: 61,246/Weekdays only
ErhvervsBladet
Vesterbrogade 12
DK-1780 Copenhagen V
Tel: 45/33-267200
Fax: 45/33-267272
E-mail: info@erhvervsbladet.dk
Web site: www.erhvervsbladet.dk
Circulation: 102,585/Weekdays only
Berlingske Tidendes Nyhedsmagasin
Pilestræde 34
Postbox 2128
DK-1015 København K
Tel: 45/33-75 7400
E-mail: annonce@bny.dk
Web site: www.bny.dk
Circulation: 16,500/Weekly
Computerworld
Carl Jacobsensvej 25
DK-2500 Valby
Tel: 45/73-00300
Fax: 45/77-300303
Web site: www.computerworld.dk
Circulation: 23,966/Weekly
Ingenioren
Skelbaekgade 4
DK-1503 Copenhagen V
Tel: 45/33-265300
Fax: 45/33-265301
Web site: www.ing.dk
Circulation: 75,321/Weekly
There are numerous advertising agencies in Denmark. For information, contact:
Association of Danish Advertising Agencies
(DRB, Danske Reklamebureauers Brancheforening)
Reklamens Hus
Badstuestraede 20
DK-1103 Copenhagen K
Tel: 45/33-134444
Fax: 45/33-116303
E-mail: drb@drb.dk
Web site: www.drb.dk
(The above Web site includes contact information and links for all members.)
Broadcasting
Broadcasting in Denmark is organized on three levels; national, regional and local coverage. National coverage consists of DR’s (Denmark’s Radio) radio and TV transmissions and TV2’s TV transmissions. DR and TV2 have certain public service responsibilities. Their programming must strive for quality, versatility and diversity and must aim for objectivity and impartiality in their dissemination of information to the public. Both stations are further obligated to program for and broadcast to the entire population, including the transmission of programs aimed at smaller target groups. Consequently, the executives and board of managers of the two stations are solely responsible for programming.
DR and TV2 are each responsible for two television channels, one terrestrial and one satellite. DR has 4 radio channels. DR is financed almost exclusively by licence fees, while TV2 is financed by advertising revenue (approx. 70 %), license fee revenue, and other income. In addition to DR and TV2, a number of private tv- or radio companies also broadcast nationwide through satellite or cable TV. In June 2003, the Ministry of Culture held an auction for two new nationwide radio channels, called P5 and P6. The highest bidders were Sky Radio (Owned by News Corp. International) and Dutch-based Talpa Radio who paid a total of DKR 612 million (USD90 million) for the 8-year licenses.
Regional coverage consists of eight TV2 companies along with DR’s nine regional radio stations. Local coverage consists of about 100 local TV stations and 250 local radio stations. The local TV and radio stations are private enterprises. Local stations are financed by membership and subscriptions and, to some extent, by municipal subsidies, sale of transmission time, and by similar means. Companies, associations and others intending to establish a local broadcasting company must first apply for a license from local boards organized at the municipal level.
An average Dane watches at least 17 1/2 hours of television each week and listens to approximately 23 hours of radio. In a given week, almost 98% of the population listens to the radio and, of this figure, about 83% tune into Danmarks Radio (DR).
Market Shares
(2001)
TV
%
Financial situation
Ownership
DR TV
31
100% public
Danish State
TV2
37
33% public and 66% commercial
Danish State
TV3
12
100% commercial
Viasat/Modern Times Group
TV Denmark
9
100% commercial
SBS Broadcasting SA
Other stations
11
Total
100
Radio
%
DR Radio
66
Private local radio
16
Foreign radio
12
Other stations
6
Total
100
Pricing Issues
Exporters usually quote c.i.f. Copenhagen prices to Danish importers. The c.i.f. price includes all U.S. domestic freight costs, ocean/air freight and insurance but not Danish import duty or VAT. The rate of import duty typically ranges from 5-14% on industrial products. Additionally, the importer must pay a 25% Value Added Tax (VAT) calculated on the sum of the landed (c.i.f.) cost plus the duty. VAT is levied on a non-discriminatory basis to all products and most services sold in Denmark, whether imported or produced locally. There are also heavy surcharges/taxes on a number of “luxury” consumer items, such as cigarettes and tobacco, alcoholic beverages, energy, including oil and gasoline, and automobiles. Despite a 180% automobile levy, there are almost two million passenger cars on the Danish roads (roughly one for each household).
The appropriate price for a product in the Danish market is often best determined through market research. In Denmark, a number of private companies also perform market research. The Commercial Service, Copenhagen can supply contact information on these companies.
Supplying Customer Service
This requirement varies with the type of product. In general, Danish importers demand, and get from European competitors, a high degree of sales and after-sales service and customer support. The extent of the service and support requirement is directly proportional to the technical complexity of the product. Sound commercial judgment dictates after-sales service at least equal to that supplied by European competitors. An immediate response to customers’ questions and requests is essential, as is the use of modern communication methods. This means fax or e-mail for routine communications and a readiness to employ overnight courier service when necessary.
Public Sector Marketing
Government procurement practices in Denmark are generally transparent. Denmark is a signatory to the WTO Government Procurement Code and also adheres to E.U. procurement regulations. U.S. firms are eligible to bid on an equal basis with Danish and other bidders for contracts valued over approximately USD200,000. Announcements of public tenders are published in the “Supplement to the Official Journal of the European Communities.” the text of the invitation to bid is in English, but the tender documents are normally in Danish. For major projects, documents may be available both in Danish and English. Bid notifications are available on the following Web site: www.europa.eu.int.
Supplier qualifications are established on a contract-by-contract basis. While a local agent is not required in order for a U.S. firm to bid, it is usually wise to employ one to establish service capability equivalent to that available from resident firms. U.S. companies are also eligible to bid for major NATO military projects in Denmark and for major public works engineering and construction projects such as ocean bridges and tunnels.
Intellectual Property Risks
In general, Denmark offers adequate protection for intellectual property rights.
Hiring Local Counsel
The need for a local attorney typically arises in connection with establishing a corporation in Denmark, or in connection with trade disputes. Also, it is advisable to seek local legal assistance in matters involving complicated government concessions such as applications for oil or gas exploration.
Import and Export Regulation Risks
Trade Barrier Risks
Denmark has historically maintained a no-barrier policy and is often in the lead in the international combat against non-tariff barriers. Denmark has the best record of all E.U. countries regarding implementation of Single Market directives. Denmark applies no unilateral trade barriers against the U.S.A. Denmark is a member of the European Union, and the common external duty tariffs therefore apply to all products entering from non-E.U. countries, including the United States. Duties typically vary from 5.0% to 14% on industrial goods. Once goods have cleared customs in one E.U. country, they may circulate freely within the Union. A Value-Added-Tax (VAT) of 25% is applied on a non-discriminatory basis to all goods (and almost all services) sold in Denmark, whether imported or locally-produced.
As a consequence of Denmark’s membership in the E.U., certain agricultural products imported from non-E.U. countries are governed by the Common Agricultural Policy (CAP). Duties on these items which include cereal grains, rice, milk and milk products, beef and veal, olive oil and sugar are
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