October 10, 2008
October 10, 2008 - China will issue low-tariff quotas for imports of 1.945 million tons of sugar and 287,000 tons of wool in 2009, unchanged from this year, as part of its commitment to the World Trade Organization.
The commerce ministry did not say when wool importers could apply for the quotas. Qualified end-users should have import contracts ready when applying. The ministry will stop processing applications by wool importers after all the quotas are allocated.
Buyers with import quotas pay lower duties -- 1 percent for wool and 15 percent for sugar, while duties of up to 50 percent will be imposed for imports above set quotas. Reprinted in part from Reuters