BANGKOK, 4 January 2017 (NNT) – The cabinet’s meeting has approved a three-year, tariff-free soybean import plan to accommodate the growing domestic demand.

Advisor to the Commerce Minister Natthaphorn Jatusriphithak disclosed that the cabinet’s meeting has approved a three-year, tariff-free soybean import plan within the framework of the World Trade Organization and Free Trade Area from 2017 - 2019. Imports will be managed on an annual basis.

The move is meant to entice Thai farmers into growing more soybeans, as Thailand produces about 50,000 tonnes a year, making up to only two percent of the annual demand of 2.6 million tonnes.

Importers must buy domestically grown soybeans before resorting to soybean imports.

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