The European Commission plans to suspend some duty-free sugar imports for at least a year to steady prices in the bloc, Bloomberg News reported on Friday, citing Agriculture Commissioner Christophe Hansen.

The paperwork for the suspension is being prepared, Hansen ⁠told Bloomberg in an interview on Friday. "In the next few weeks, it will be on the table," he said.

"Currently there are 700,000 tons coming in. I think this will stabilize the market and the prices of ⁠European sugar", Hansen told Bloomberg, adding the suspension will be at least for one year.

Earlier in January, the European Commission said it planned ⁠to propose suspending duty-free sugar imports to ease pressure on European producers facing falling prices ⁠and rising competition, but did not say when any suspension would begin.

The move ⁠now comes amid pressure from local producers grappling with lower prices.

Source: Reuters

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