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Fri, 22 Nov 2019 05:37 GMT

EU Approves US Soybeans for Biofuel Production


7Dnews London

Wed, 30 Jan 2019 10:22 GMT

On January 29th the European Union approved US soybeans to be used in the production of biofuels in an effort to boost soybean imports following last summer's trans-Atlantic meeting between President Donald Trump and his EU Commission counterpart, Jean-Claude Juncker. According to AP, the summit meeting successfully staved off a potential tariff war on industrial goods, like cars but Juncker made a commitment to buy more US soybeans.

Since the summit meeting sales of soybeans to Europe have doubled. mostly due to market forces. The commitment to use US soybeans for biofuel is bound to boost sales even more.

On January 29th EU Commission spokesperson, Margaritis Schinas, said, "today's decision is new proof that the EU is delivering ... this means that as of today it will be easier for US soybeans to enter the EU market."