May 9, 2022
Financial Express| https://bit.ly/3FwYYoJ
The government has permitted additional export of 2,051 metric tonne of raw sugar under the tariff-rate quota (TRQ) to America for the US fiscal year ending September 30, 2022, according to DGFT.
TRQ is a quota for a volume of exports that enter the US at relatively low tariffs. After the quota is reached, a higher tariff applies to additional imports.
“Additional quantity of 2,051 MT of raw sugar, for export to the US, under TRQ up to September 30, 2022, has been notified,” Directorate General of Foreign Trade (DGFT) has said in a public notice.
It added that with this quantity, total sugar export to the US under TRQ during US fiscal year 2022 would be 10,475 MT.
India, the world’s second-biggest producer and the largest consumer of sugar, has a preferential quota arrangement for sugar export with the European Union as well.