✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

First Irish beef exports to China approved - minister

Published 16/04/2018, 09:22
© Reuters. FILE PHOTO: Farmer Philip Maguire's Hereford and Aberdeen Angus cattle eat silage on his farm in Stepaside

By Graham Fahy

DUBLIN (Reuters) - Ireland will become the first European Union country to gain access to China's fast-growing beef market after its agriculture minister said on Monday that Beijing had approved imports from three Irish processors.

Beijing banned imports of beef from European countries and the United States following outbreaks of mad cow disease in the 1990s but worries about the disease are subsiding following more stringent inspections on foreign arrivals.

Ireland succeeded in getting its curbs lifted alongside the United States and South Africa last year following years of lobbying. China started inspections of Irish meat export facilities in 2014.

"I understand that the Chinese authorities will list a number of our beef establishments within the next few days," Irish Agriculture Minister Michael Creed said in a statement.

The approval gives Ireland access to the world's fastest-growing beef market and second largest importer for the first time and a spokesman for the agriculture department said five other Irish beef plants were awaiting approval.

Demand for red meat in China, the world's second-largest economy, has risen strongly in recent years due to rising incomes and a richer diet.

China is already Ireland's third largest market for agricultural exports, increasing roughly five-fold to 1 billion euros (£866.3 million) last year from around 200 million euros in 2010, and the second largest for dairy and pork products.

Irish beef is one of the sectors most vulnerable to the potential effects of Brexit. Ireland is widely considered the EU member most at risk when Britain leaves the bloc due to its close trading links with its nearest neighbour.

© Reuters. FILE PHOTO: Farmer Philip Maguire's Hereford and Aberdeen Angus cattle eat silage on his farm in Stepaside

"Opening and developing new markets is also a key part of our response to the uncertainties arising from Brexit," Creed added.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.