India sugar exporters to seek lower import tax on shipments to Sri Lanka, Bangladesh

Indian sugar exporters will seek lower import duties on its sugar exports to neighbouring Sri Lanka and Bangladesh, a top industry official said on Thursday.

“We will seek preferential import duty for our sugar exports to neighbouring Sri Lanka and Bangladesh under SAFTA (South Asian Free Trade Area),” Abinash Verma, director general of the Indian Sugar Mills Association said.

Both the countries import 2.5 million tonnes to 3 million tonnes of sugar annually and it makes sense for them to import from India at lower duty, he said.

India, the world’s second-biggest sugar producer, is likely to churn out more than 25.1 million tonnes of the sweetener in the current marketing season started on Oct. 1, Verma added. (Reporting by Mayank Bhardwaj)

Courtesy – (Reuters)

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