India Allocates 8,606 Tonnes Of Raw Sugar To The US Under Tariff-Rate Quota
(MENAFN- KNN India)
New Delhi, Sep 4 (KNN) In a move aimed at bolstering its sugar export strategy, the Indian government has announced the allocation of 8,606 tonnes of raw cane sugar to the United States under the tariff-rate quota (TRQ) scheme for the period spanning October 2024 to September 2025.
This quota was formally notified by the Directorate General of Foreign Trade (DGFT) on Tuesday.
Under the TRQ arrangement, shipments of sugar within this allocated quantity benefit from reduced customs duties, enhancing their competitive edge in the US market.
Once the TRQ quota is exhausted, any additional sugar imports will be subjected to higher tariffs, making it crucial for exporters to maximize the use of the allocated quota.
The DGFT's public notice detailed that the 8,606 metric tonnes raw value (MTRV) of sugar is designated for export to the US, reaffirming a similar quantity announced earlier this year in January.
This allocation underscores India's strategic focus on expanding its export opportunities and maintaining a robust presence in the global sugar market.
As the world's second-largest producer and the leading consumer of sugar, India plays a significant role in the global sugar trade. The country also benefits from a preferential quota arrangement for sugar exports with the European Union, further diversifying its export avenues.
The implementation of this quota will be managed by the Agriculture and Processed Food Products Export Development Authority (APEDA), which will oversee the logistics and regulatory aspects of the export process.
This latest notification aligns with India's ongoing efforts to leverage its substantial sugar production capabilities and navigate global trade dynamics.
By securing favourable trade terms under the TRQ scheme, India aims to enhance its sugar industry's global footprint while ensuring competitive pricing in key markets like the US.
(KNN Bureau)
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