Japan's Early Rice Tender to Alleviate Soaring Prices
Japan plans an early tender for tariff-free rice imports to combat rising rice prices. The auction, typically held in September, will occur this month, with an initial tender for 30,000 metric tons. Japan imports up to 100,000 tons annually under a World Trade Organization agreement.
- Country:
- Japan
In a move to counter rising rice prices, Japan's agriculture ministry is advancing its tender for tariff-free imported staple rice. The auction is usually slated for September, but this year it will be held earlier, reports the public broadcaster NHK.
Insiders reveal that the first tender will invite bids for a volume of 30,000 metric tons. This is part of Japan's strategy to stabilize rice prices amid a volatile market.
Under the World Trade Organization's "minimum access" framework, Japan imports up to 100,000 tons of staple rice yearly without tariffs, allowing for such adjustment measures to protect domestic markets.
(With inputs from agencies.)
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- agriculture
- ministry
- tender
- tariff-free
- rice
- imports
- prices
- NHK
- World Trade Organization
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