France and China close to a solution for cognac - Beijing postpones decision on tariffs on European imports
France's Foreign Minister has said that France and China are making progress towards resolving a trade dispute over cognac imports.
Jean-Noël Barrot said the conclusions of a Chinese investigation that could potentially lead to the permanent application of provisional duties on European cognac imports have been postponed until June.
"We will be really pleased when the problem is solved. And it is clear that, step by step, we are moving towards a solution," Barrot stressed.
Last year, China announced temporary tariffs of between 30.6% and 39% on Rémy Martin and other European spirits after most EU countries adopted tariffs on electric vehicles made in China.
The cognac tariffs are provisional and require importers to pay the amount of the tariff to the Chinese customs agency. The move followed a preliminary finding by China's Ministry of Commerce that European cognac was being "dumped" in bulk into China, threatening domestic producers.
“The risk that the industry faced until yesterday was that the final application would be made at the end of the investigation period,” Barrot said. “Following this visit, I received confirmation that the investigation has been postponed by three months, which excludes the scenario of a sudden application of definitive duties for this sector,” he added.
According to the data, China is the largest consumption market for cognac, calculated by value. Experts said that the imposition of definitive duties would affect 70,000 direct and indirect jobs, 270 cognac houses and 4,400 winegrowers.
China has launched a series of investigations into European alcoholic beverages and dairy products. The cognac investigation was the first and aimed primarily at French producers.
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