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Financial News: ARGENTINA: Europe Will Resume Argentinean Biodiesel Import

ARGENTINA: Europe Will Resume Argentinean Biodiesel Imports

09/10/2017 - 08:41:00 (RTTNews)

(RTTNews) - After a four-year absence, the European Union (EU) will reopen to Argentinean biodiesel imports. According to the Argentinean Foreign Ministry, biodiesel sales to the EU will be resumed in the next few weeks.

The reopening occurs after a tariffs adjustment according to a World Trade Organization (WTO) ruling, which determined the inconsistency of definitive anti-dumping duties imposed on imports of Argentinean biodiesel.

"The prompt application of the new tariffs is awaited, considering that this process reaches its culmination after four years of litigation in the WTO," the statement said. Until 2013, Argentina was the main supplier of biodiesel to the European Union.

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. Now the body approved in Brussels a drop in import duties to reach a 4.5% to 10% range.

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

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