The country’s government activated special protection for butter from the United Statespursuant to a Trade Promotion Agreement (TPC) with a North American country.
With this mechanism, the tariff of certain classes of the specified product was increased, after it was verified exceeded the amount of imports stipulated by the TPC between both nations.
Butter with milk fat greater than or equal to 75% by weight has a duty increase of 6.43% to 10.71%while for the others it went from 4.29% to 7.14%.
The Main Directorate for Trade Protection of the Ministry of Trade and Industry (Mici) asked the State Customs Administration for relevant information on the import of these goods, finding that it exceeded the maximum allowed by the trade agreement, which is why a protective measure was applied.
In other words, what was agreed upon a maximum of 198 metric tons was to be imported by 2023which, according to the Customs report, was exceeded.
The the application of the mentioned exceptional measure is automatic and does not require the participation of interested partiesfor which the Government relies on the executive decree of January 8, 2009.
He approved the measure Resolution No. 008 of February 6, 2023Mići, published in the Official Gazette number 29726 of this Thursday, February 23.
Protection related to this dairy product He already applied this to Mica in previous yearsas stated in Resolution no. 010 dated May 12, 2021 in which the applicable tariffs were between 10% and 15%, indicating that it has been reduced for this year.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
