(Reuters) – Rémy Cointreau said Friday that it had concluded an agreement with Beijing concerning minimum price commitments in China, the group of spirits adding that it will update its annual objectives on July 25 to reflect this “clear” development.
According to the agreement, signed between the Chinese authorities and certain cognac producers, the latter undertake, according to formulas which are specific to them, to comply with a minimum import price in China, specifies Rémy in a press release.
In return, the “final” anti -dumping rights which were to be imposed on European exports will not be applied, according to the press release.
The manufacturer of Cognac Rémy Martin and Liqueur Cointreau says he is waiting for details, but salutes “a significantly less penalizing alternative than the application of final anti -dumping rights”, adding that he will update his objectives during the publication of his financial results in the first quarter.
“This agreement does not in any way constitute a recognition of dumping practices,” said the press release from Rémy.
China opened an investigation last year on its imports of life of wine from the EU following customs duties decreed by Europeans on Chinese electric vehicles, of which Brussels judges production artificially supported by public subsidies.
(Written by Mara Vîlcu, edited by Augustin Turpin)
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