Commodities

Brazil mulls erasing import tariffs on corn, rice, soybeans temporarily - Ag Ministry

The Brazilian government is mulling temporarily removing import tariffs on rice, corn and soybeans, the Agriculture Ministry said in a statement on Thursday.

Adds Agriculture Ministry confirmation

SAO PAULO, Aug 27 (Reuters) - The Brazilian government is mulling temporarily removing import tariffs on rice, corn and soybeans, the Agriculture Ministry said in a statement on Thursday.

The move aims to stave off inflation, the statement added. Prices for rice, soybean and corn have risen recently in the domestic market.

Still, the ministry said there is no sign of a potential shortage of these products.

Imports from inside the Mercosur bloc, which includes Brazil, Argentina, Paraguay and Uruguay, are already exempt from import duties.

The tariff exemption is expected to be discussed by a trade management committee called Gecex, presided over by the Economy Ministry, in September.

Local newspaper Valor Econômico earlier on Thursday reported on the potential tariff exemption.

(Reporting by Carolina Mandl; Editing by Steve Orlofsky and Bernadette Baum)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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