MEXICO CITY (Reuters) - Mexico’s government on Saturday said the U.S. Commerce Department had published a notification of its intention to keep an agreement regulating Mexican sugar exports into the United States active for another five years.
The United States in 2014 imposed hefty duties on imports of Mexican sugar after determining the country’s sugar firms were dumping cheap, subsidized sugar into the U.S. market.
The two governments then reached a deal to remove duties, which established quotas and minimum prices for imports of raw and refined sugars from Mexico.
“The announcement...is a good sign for Mexican sugar exports, given that it provides certainty and maintains access to the U.S. market under preferential conditions,” Mexico’s economy ministry said in a statement.
In the current sugar cycle, Mexico will be able to export up to 1,421,901 metric tons to the United States, the highest amount since the 2014 agreement, the ministry added.
Reporting by Miguel Angel Gutierrez; Editing by Alistair Bell
Our Standards: The Thomson Reuters Trust Principles.