BRASILIA, Oct 18, 2020, MercoPress. The Brazilian government is set to discuss a proposal that would temporarily eliminate tariffs on corn and soy imports from countries outside the Mercosur trade bloc, as recently happened with rice, a staple of the Brazilian diet, MercoPress reported.
The matter will be decided during a meeting of Gecex, a technical body within the Economy Ministry.
The possible tariff exemption comes amid record high prices for both grains in Brazil, squeezing Brazilians whose incomes have already been hit hard by the coronavirus pandemic.
The Economy Ministry confirmed there would be a Gecex meeting, but otherwise declined to comment. Brazil’s Agriculture Ministry also declined to comment.
Brazil’s Economy Ministry decided in early September to cut tariffs on rice imports to zero through the end of the year, amid record high prices for that grain.
The levy on corn and soy imports from outside Mercosur, which includes Paraguay, Uruguay and Argentina, is currently 8%. Brazil has recorded record exports of soy and corn, and has been purchasing the produce from Mercosur members.