August 10, 2007

Russia to reduce EU's beef import quotas

Russia and the European Union have agreed to slash this year's EU's current frozen beef import quota by 347,600 tonnes to 270,000 tonnes due to the region's inability to meet the quota.

The 270,000 tonnes will be given other suppliers such as Argentina, Australia, Brazil, Uruguay, China and Mongolia. The other country quota will increase from 71,300 tonnes to 341,300 tonnes.

The total frozen quota of 440,000 tonnes allows the import of frozen beef at a preferential tariff of 15 percent (or not less than 15 euros/kg), as opposed to the out of quota tariff of 30 percent (or not less than 0.3/kg).