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SYDNEY: The policies of India and Pakistan have greatly contributed to a global glut in the sugar market, Australia’s Minister for Trade Simon Birmingham revealed.
“It is clear that export subsidies introduced recently by the Indian and Pakistan Governments have contributed to a growing glut on global markets,” Birmingham stated in an email to Reuters.
“Raw sugar futures in New York slumped to a 10-year low of 9.91 cents on August 22 as India and Pakistan both imposed price subsidies to boost local production,” the minister noted.
“Australia has expressed its concerns to the Indian and Pakistani governments at the highest levels in the clearest possible terms,” he said.