Global take on business and economy news
Provided by AGP
EU Halts Fertilizer Import Duties for One Year Amid Shipping Crisis
(MENAFN) The European Union has decided to pause customs tariffs on major nitrogen-based fertilizers for a year in an effort to reduce the economic strain on farmers caused by the Iran conflict and disruptions linked to the Strait of Hormuz crisis, according to reports.
The Council of the European Union announced on Friday that duties on important fertilizer products, including urea and ammonia, would be temporarily lifted.
The tariff exemption, however, will not apply to fertilizer imports originating from Russia or Belarus.
According to the council, the measure was introduced to help counter rising costs tied to the near-complete shutdown of the Strait of Hormuz shipping route.
The UN Food and Agriculture Organization (FAO) warned in April that if the blockage of the strait continues for an extended period, it could lead to a major global agricultural and food supply crisis.
Officials estimate that the temporary suspension will reduce import duty expenses for farmers and fertilizer producers by around €60 million ($69.6 million).
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
