Fiji Signs 666 Mln USD Sugar Deal with EU

The Fiji Sugar Corporation (FSC) has sealed a one billion Fiji dollars (666 million U.S. dollars) deal to supply raw sugar as preferential exports to the European Union market over the next seven years, the Fiji Times daily reported on Monday.

The contract for the supply of 300,000 tons of sugar per annum has been sealed with the corporation's traditional EU market buyer, Tate & Lyle.

Tate & Lyle is the largest cane sugar refiner in the EU and a leading trader in molasses and world market sugars. Tate & Lyle has been trading with FSC since the inception of the African- Caribbean Pacific-EU Sugar Protocol in 1975.

The contract secured by FSC is part of the Economic Partnership Agreements (EPAs) between the European Union and African-Caribbean Pacific states under the union's sugar regime reform. The EPAs would supersede the sugar protocol from October next year. 

Source: CRIEnglish