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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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