Brazil, China in talks about increasing trade in soy meal

Executives of the Brazilian soybean processing industry and Chinese government officials are having talks about increasing shipments of Brazilian soy meal to China, Reuters reports.

The news agency quotes André Nassar, the head of the Brazilian soybean processing industry group Abiove, as saying in a message to a conference in Brazil: “It could be a win-win solution. China could diversify their imports by buying more meal from Brazil.”

The report says Mr Nassar and Brazilian agriculture ministry officials are in China for talks on Sino-Brazilian trade.

In the first nine months of this year Brazil exported 55 million tonnes of soybeans to China, but only 209,000 tonnes of soy meal, the report says.

Abiove and the Chinese government are negotiating a reduced rate of tax or no tax at all on Brazilian exports of soy meal to China up to a certain amount, Reuters says.