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Financial News: ARGENTINA: EU Formalizes Tariff Reduction On Argentinean B

ARGENTINA: EU Formalizes Tariff Reduction On Argentinean Biodiesel

09/20/2017 - 15:13:00 (RTTNews)

(RTTNews) - The European Union (EU) made official the reduction in the tariffs on Argentinean biodiesel, following the decision to reopen the bloc to the product earlier this month. As a result, the Argentinean biodiesel exports to the EU would be taxed at 15% on average.

According to the Argentinean Ministry of Agroindustry, the South American country recovers an export destination that in 2011 sold 1,488,710 tons in volume for more than US$ 1.8 billion.

In 2013, the EU imposed an anti-dumping measure, with definitive tariffs of almost 25% on the Argentinean product. The case was brought by Argentina to the WTO. Last year, WTO ruled against the UE decision and forced it to drastically reduce countervailing duties for Argentinean biodiesel. On September 8, the body approved in Brussels a drop in import duties to reach a 4.5% to 10% range.

The news comes a few weeks after the United States applied a sharp increase in tariffs to import Argentinean biodiesel, which virtually paralyzed local producers' shipments.

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