GEORGE TOWN: Malaysian raw and value-added seafood producers will run into hundreds of millions of ringgit in losses following the withdrawal of the generalised system of preferences (GSP) duties for Malaysia on Jan 1, 2014.
Malaysian Frozen Foods Processors’ Association (MFFPA) honorary secretary Saw Hai Earn said the European Union (EU) had already informed Malaysian authorities and the seafood producers that the duties to be imposed early next year would range between 7.5% and 20% compared with 4% and 7% currently, depending on the type of seafood that is being imported into the EU.
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