EU to lower important duty on wheat and barley
In response to the escalating cost of wheat and barley, the European Commission (EC) has proposed suspending import duty on these cereals, the Financial Times reports.
This would allow feed manufacturers to obtain cheaper raw materials and ease their financial burden, while the EC also expects it will help to calm domestic markets.
The EC told the newspaper that the decision to reduce import duty was made "to help facilitate feed cereals imports from outside the EU and so reduce tensions on the European markets".
The goal of reducing grain-import duties would be to “help facilitate feed cereals imports from outside the EU and so to reduce tensions on the European markets,” the commission said.
“The tightness is very much in the feed sector,” a spokesman for the Commission said. “Producers have had enormous problems because feed prices are so high and their profit margins have been squeezed.”
The commission’s proposal relates to feed wheat and barley, while corn is not being discussed for now.
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