China Imports 500,000 Tons of Fertilizer From USChina's largest agricultural production company signed a contract with the US Phoschem in Beijing Friday to buy 500,000 tons of phosphate fertilizer.The China National Agricultural Production Group Corporation said it will import chemical fertilizer to meet the domestic demand. Long Yongtu, Vice Minister of Foreign Trade and Economic Cooperation (MOFTEC), said at the signing ceremony that the United States has long been China's major chemical fertilizer provider, and he expected the two nations to improve their trade relations. "Sino-US trade will provide a lot of business opportunities, which will benefit both China and the United States," Long said. Eugene Martin, Deputy Chief of Mission of the US Embassy, hopes that the signing of this contract will bring about more open trade in fertilizer business. Phosphate fertilizer is a scarce commodity in China's domestic market. The import of 500,000 tons of high-quality fertilizer should satisfy the needs of the country, according to the All- China Federation of Supply and Marketing Cooperatives. A ton of phosphate fertilizer costs about US$ 170 on the international market. |
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