The Brazilian government has decided to suspend concessions and raise tariffs on imported products from Costa Rica in response to an increase in tariffs on the Brazilian sugar by the Central American country, the Brazilian Foreign Ministry said
MOSCOW (Pakistan Point News / Sputnik - 20th November, 2020) The Brazilian government has decided to suspend concessions and raise tariffs on imported products from Costa Rica in response to an increase in tariffs on the Brazilian sugar by the Central American country, the Brazilian Foreign Ministry said.
"The Brazilian government suspended the import concessions on the determined products from Costa Rica on November 17. This measure was taken ... as a result of Costa Rica's decision to apply unjustified safeguards on sugar imports from Brazil," the foreign ministry said on its official website on Thursday.
According to the ministry, Costa Rica's protection tariffs affect Brazilian exports amounting to $3.7 million a year.
Brazil decided to raise import tariffs by the same percentage as Costa Rica did for Brazilian sugar and it will affect about $950,000 of Costa Rica's exports to this Latin American country.
The Brazilian government added that this measure has been taken under the Agreement on Safeguards of the World Trade Organization and can be withdrawn or complemented depending on the progress of the negotiations between the two countries.
