EU Announces Extra Duties On Indonesian Biodiesel Imports To Support EU Producers

(@FahadShabbir)

EU Announces Extra Duties on Indonesian Biodiesel Imports to Support EU Producers

MOSCOW (UrduPoint News / Sputnik - 13th August, 2019) The European Commission on Tuesday imposed countervailing duties of 8 to 18 percent on imports of Indonesian subsidized biodiesel as part of measures to support European biodiesel producers.

"The Commission's in-depth investigation found that Indonesian biodiesel producers benefit from grants, tax benefits and access to raw materials below market prices.

This inflicts a threat of economic damage to EU producers," the statement said.

The Commission noted that the new import duties were imposed on a provisional basis with a possibility to impose definitive measures by mid-December.

Imports of the Indonesian biodiesel to the bloc total about $450 million per year, while the EU biodiesel market is worth an estimated $10 billion annually.

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