Brasília, November 28, 2002 (Agência Brasil - ABr) - Following a meeting of the Foreign Trade Chamber, Brasilia has decided to reduce its import surtax on corn from 9.5% to zero and place the product on its Mercosur exception list. This follows the decision by Argentina not to allow a reduction of the common Mercosur surtax on corn to fall from 9.5% to 2%.

According to minister of Agriculture, Pratini de Morais, the measure should remain in effect until February 28 for two reasons: to halt price speculation and ensure domestic supply during the period between corn harvests. He added it will facilitate purchases of corn from China and the United States. (AB)