| Date: |
13-07-2015 |
| Subject: |
Govt permits 2,095 tonnes of more sugar to US under quota |
The government has permitted export of an additional 2,095 tonnes of raw sugar to the USA under the tariff rate quota (TRQ), which entitles shipments to enjoy low tariff. Earlier, 8,424 tonnes of raw sugar has been notified for export to the US under this quota.
"Additional quantity of 2,095 MTs (tonnes) of raw cane sugar to be exported to the USA under TRQ up to 30.09.2015 has been notified," Director General of Foreign Trade said in a public notice.
TRQ is a quota for a volume of exports that enters the US at low tariffs. After the quota is reached, a higher tariff is applied on additional imports. The additional quantity of the sweetener was allowed to the country for the US fiscal year 2015 (October 1, 2014 to September 30, 2015).
The DGFT also said that a certificate of origin, if required, for export of preferential sugar to the US, shall be issued by additional director general of foreign trade, Mumbai. In April, the Commerce Ministry allowed that any trader or entity can export sugar to the European Union and the US under the TRQ.
Earlier, the government had designated Indian Sugar Exim Corporation, formed by two sugar associations - ISMA and NFCSF - to export the sweetener to the EU and the US under the TRQ.
The quota for the EU is 10,000 tonnes. India's sugar production is estimated to cross 28 million tonnes in the 2014-15 marketing year (October-September), against 24.3 million tonnes the previous year. The total annual demand is pegged at only 24 million tonnes.
Source : moneycontrol.com
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