China lets safeguard on sugar imports to expire: industry group

0
16

© Reuters.

NEW YORK (Reuters) – The Chinese government decided not to renew a safeguard on sugar in place since 2017, letting the measure expire on Friday, which will lead to a substantial decrease in the import tariff for sugar entering the Asian nation.

According to Unica, a Brazilian sugar industry group, the by ’s government to not renew the safeguard is the result of a negotiation between the two countries, in which canceled a request for a panel to investigate the safeguard at the ().

Unica said in a statement that following the expiration of the measure, Chinese import tariffs on extra- sugar will fall from 85% to 50%.

Article continues below Advertisement...

China also has an import quota for 1.95 million tonnes per year with a lower tariff of 15%.

The Brazilian industry group believes the end of the safeguard will boost Chinese sugar imports, particularly at a time when the Asian country seeks to guarantee food supplies amid the novel pandemic.

Source: Investing.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here