SYDNEY, Sept 13 (Reuters) - The policies of India and Pakistan have contributed to an global glut in the world’s sugar market, Australia’s Minister for Trade Simon Birmingham told Reuters.
“It is clear that export subsidies introduced recently by the Indian and Pakistan Governments have contributed to a growing glut on global markets,” Birmingham said in an emailed statement to Reuters.
“ has expressed its concerns to the Indian and Pakistani Government at the highest levels in the clearest possible terms.”
Raw sugar futures in New York slumped to a 10-year low of 9.91 cents on Aug. 22 as India and Pakistan both imposed price subsidies to boost local production.
Reporting by Colin Packham; Editing by Christian Schmollinger