Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / India/  Brazil to challenge India's sugar subsidies in WTO consultation
BackBack

Brazil to challenge India's sugar subsidies in WTO consultation

Brazil argues that Indian subsidies have caused significant impacts on the world sugar market 
  • India is poised to overtake Brazil's position as the world's largest producer of the commodity
  • India is expected to ship sugar for the first time in three years as government subsidies made exports lucrative. Photo: BloombergPremium
    India is expected to ship sugar for the first time in three years as government subsidies made exports lucrative. Photo: Bloomberg

    BRASILIA : The Brazilian government on Wednesday asked the World Trade Organization to start a consultation regarding India's sugar industry subsidies, which the South American country says is distorting global trade.

    Australia also formalized a similar consultation request challenging the Indian government's subsidies, according to a joint statement from Brazil's foreign relations and agriculture ministries.

    Brazil argues that Indian subsidies have caused significant impacts on the world sugar market.

    According to the Brazilian government's estimates, India's increased supplies could lead to a drop of as much as 25.5 percent in international sugar prices in the 2018/2019 season.

    That would cause losses of up to $1.3 billion for Brazilian exporters alone, the ministries said.

    India's sugar production has risen significantly in recent years, with the country poised to overtake Brazil's position as the world's largest producer of the commodity.

    In October, Reuters revealed that India is expected to ship sugar for the first time in three years as government subsidies made exports lucrative.

    Under WTO rules, if the mandatory consultation fails to produce a satisfactory solution within 60 days, the complainants may request adjudication by a panel.


    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 27 Feb 2019, 09:20 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App