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Panorama Internazionale

19 FEBBRAIO 2019

18:32 - Argentina

ARGENTINA, WORLD'S TOP SOYOIL PRODUCER, AGREES AGAIN WITH THE EU TO EXPORT BIODI

(ICE) - ROMA, 19 FEB -

Argentina and the European Union (EU) reached an agreement to end a long term dispute over exports of biodiesel from the South American country to the bloc. The agreement was reached after the government and the Argentine biofuels chamber offered a "commitment on prices and volumes to allow the relaunching of exports."

Members of the Argentine biofuels industry celebrated the announcement as a victory for the country's biofuels sector and said that in exchange the EU will also impose reduced tariffs on local biodiesel because it still considers the fuel to be subsidized. 

The agreement could help bolster Argentina's critical soybean sector. Argentina is the world's top producer of soyoil, the main ingredient used to make biodiesel. The main companies in Argentina that benefited from this measure are Bunge Ltd, Cargill Inc, Louis Dreyfus Corp, as well as Molinos Río de la Plata SA.

European Union countries backed a proposal to impose anti-subsidy duties on Argentine biodiesel imports, with an exemption for producers that agree to a minimum price. The European Commission, which oversees trade policy in the 28-member EU, said the deal meant Argentine exporters would be allowed to export up to about 1.2 million tonnes of biodiesel per year without paying duties. For Argentine biodiesel, the commission has proposed duties of between 25 and 33.4 % depending on the companies.

(ICE BUENOS AIRES)