The move comes at a time of increased international tensions over
"It is time to change the quota regime and reduce imports, which have unfortunately built up in recent years," Alexei Gordeyev told reporters, according to the ITAR-Tass news agency.
Earlier this week, Russian Prime Minister Vladimir Putin backed proposals to freeze some of the agreements particularly in the field of agriculture relating to its efforts to join the 153-member World Trade Organization (WTO). Officials claim
Last month, Russian and
An analyst said
"It has been on the agenda for some time," said Chris Weafer, chief strategist at UralSib bank in
The news reportedly sent stocks of
Shares of the nation's largest chicken producer, Pilgrim's Pride Corp., fell $1.21, or 8.2 percent, to $13.49 in midday trading, while shares of Smithfield Foods Inc., the nation's largest hog producer and pork processor, fell 45 cents, or 2 percent, to $21.46.
Foreign exports had been the brightest spot for many producers as rising feed and fuel costs have hurt them in the domestic market. For example, Smithfield Foods said this week its first-quarter results were bolstered by a doubling of export volume though it posted a loss on soaring commodity costs.
Source: Associated Press