CHEAPER BEEF SET FOR SHANGHAI
In honor if its WTO commitments, China has undertaken to cut tariffs on imported beef to 12 % from its previous level of 24% by the year 2005. Beef consumption has been on a steady rise in recent years (growing by more than 10 percent each year), however, the price of imported beef has remained an obstacle to the growth of the market.
Recently, government officials from Australia have arrived in Shanghai as part of a mission to promote economic cooperation in agricultural fields between China and Australia, including the promotion of Australian beef in the Shanghai market.
As a result of the cuts in tariffs the current price of 60 RMB per 500 grams of imported beef from Australia will be reduced to 20-30 RMB before 2005, with is on par with the prices at the high-end of the domestic beef market.
China imported 2,500 tons of beef from Australia last year, an increase of 500 tons from a year before, or a 20-25 percent growth, and more beef will be imported to the country in the following years to claim more of the Chinese market.
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