The government will stop importing crude soybean oil because of a tariff rate quota.
The Trump administration has announced that it will stop importing crude soybean oil because of a tariff rate quota. The move is expected to impact the soybean oil market, as the United States is the largest importer of the commodity. The tariff rate quota will be in effect from September 1, 2018 to August 31, 2023.
On Wednesday, the government announced its decision to stop importing crude soybean oil under the tariff rate quota (TRQ) as of April 1 of this year.
A TRQ is a cap on the volume of imports that can enter India duty-free or at a reduced rate; however, once the cap is reached, additional imports are subject to the standard tariff.
“The amended deadline for importing crude soybean oil under the TRQ is March 31, 2023. Additionally, there will be no allocation of TRQs for the import of crude soybean oil in 2023–2024 “In a notice to the public, the directorate general of foreign trade (DGFT) stated.
Group Media Publications
General News Platform – https://ihtlive.com/
Entertainment News Platforms – anyflix.in
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
Podcast Platforms – https://anyfm.in