The Brazilian government has decided to zero the import tariff for soybeans and corn to cut off the rise in food prices. The measure aims to increase the supply of products and reduce the price of the products in the country. The decision was made on Friday (10/16), during an extraordinary meeting of the Executive Management Committee (Gecex), at the request of the Ministry of Agriculture, Livestock and Supply and Economy. The tariff concession for soybeans is valid until January 15 (2021), and it is valid until March 31 for corn. The Ministry of Agriculture explained that “the goal is to promote supply and demand adjustments before the harvest of the 2020/2021 harvest”. The Ministry of Economy added that “both measures are motivated to contain the rise in prices in the food sector”.
Source: Correio Braziliense