China lets safeguard on sugar imports to expire: industry group

China lets safeguard on sugar imports to expire: industry group

imageCommodities9 hours ago (May 22, 2020 03:20PM ET)

(C) Reuters.

NEW YORK (Reuters) – The Chinese government decided not to renew a safeguard on sugar imports 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 decision by China’s government to not renew the safeguard is the result of a negotiation between the two countries, in which Brazil canceled a request for a panel to investigate the safeguard at the World Trade Organization (WTO).

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

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 coronavirus pandemic.

China lets safeguard on sugar imports to expire: industry group

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

No Comments

Post A Comment