The European Commission said on Friday the United States had ended trade sanctions that were imposed on certain EU products as part of a dispute over hormone-treated beef, Reuters reports.

"We welcome this step by which the U.S. is moving forward ahead of time in their implementation of the memorandum of understanding on high quality beef -- this is a very positive signal and welcome step toward the settlement of this dispute," the European Commission's trade and agriculture spokesmen said.

The spokesman added in a statement that the European Commission was preparing a proposal for the European Union to "increase market access opportunities for non-hormone treated U.S. beef."

Source: Reuters