EU Tariff Cuts Help Thai Shrimp Industry

THAILAND - Charoen Pokphand Foods Plc (CPF), the SET-listed flagship of the agribusiness conglomerate the CP Group, is upbeat about its own sales and the overall shrimp industry now that the European Union has restored preferential import tariffs.

The EU this month reinstated lower tariffs for Thai shrimp under its Generalised System of Preferences (GSP), a system designed to help developing countries.

``The outlook is bright not only for exports but also Thai shrimp farmers, and other related industries whose products are bound for the European Union market,'' said Adirek Sripratak, the CPF president and CEO.

After pushing back the scheduled introduction of lower import tariffs until Jan 1 next year, the EU agreed recently to restore GSP privileges this month in order to help the Thai shrimp industry, which sustained heavy damage after the tsunami last December.

Source: Bangkok Post