Argentina hopes to eradicate taxes paid by biodiesel producers

Argentine president Cristina Fernandez has asked Congress to eliminate some of the taxes paid by biodiesel manufacturers in a bid to support an industry affected considerably by European Union anti-dumping measures.

Argentine biodiesel exports are expected to fall as much as 39% this year compared to 2013 due to tariffs imposed by the European Union, report Argentine industry sources.

According to the proposal, the tax cut would last only as long as Europe's sanctions do.

'We are in a trade war,' Fernandez said in announcing the measure.