European Union Approves US Soybeans for Biofuel Production
European Union (Photo Credit: PTI)

Brussels, January 29: The European Union has approved U.S. soybean exports to be used in the production of biofuels in an effort to boost such imports following last summer's trans-Atlantic meeting between President Donald Trump and his EU Commission counterpart Jean-Claude Juncker. The summit meeting was able to stave off a tariffs war on industrial goods like cars but Juncker made a commitment to buy more U.S. soybeans.

Sales have doubled since, but mostly because of market forces. Tuesday's approval that US soybeans can be used for biofuel is bound to boost sales even more. European Union Favours Implementation of Iran Nuclear Deal: Envoy.

EU Commission spokesman Margaritis Schinas says "today's decision is new proof that the EU is delivering ... this means that as of today it will be easier for US soybeans to enter the EU market."