February 25, 2004

China To Streamline Soybean Import Process

China plans to streamline its annual US$2 billion soybean business, considerably cutting the time for import process, an agriculture ministry official said on Wednesday.

Soybean crushers can now apply for import permits from the quarantine bureau at the same time as suppliers apply for certificates from the agricultural ministry, the official said.

"We're doing this at the request of the quarantine bureau," she said.

Previously, suppliers such as Bunge Ltd or Louis Dreyfus would first apply to the ministry for certificates to import transgenic beans, which could take up to 30 working days.

Once approved, buyers would then apply for separate import permits from quarantine authorities, which could take another month.

Both sets of papers are necessary for the entry of soybeans into China, which imported a record 20.7 million tonnes from top buyers such as the United States and South America in 2003, custom figures showed.

The new process could effectively cut the time needed for the entire process by about half, a move welcomed by traders.

"If true, we don't expect any import disruptions," said a trader in Beijing.