Ukraine's Cabinet of Ministers has supported the initiative of the Ministry of Agricultural Policy and Food on the deregulation of the sugar industry, providing for the abolition of the law of Ukraine on state regulation of sugar production and sales.

"It is proposed to adopt the bill on the deregulation of the beet sugar industry by abolishing the law of Ukraine on the state regulation of sugar production and sale as the one that in today's environment is not conducive to the sustainable functioning of the industry based on market principles and does not provide for further development and investment," Minister of Agricultural Policy and Food Oleksiy Pavlenko said.

As reported, the Cabinet of Ministers of Ukraine increased minimum prices for beet sugar for the 2016/2017 marketing year (MY, September-August) by 40.7% compared to the current MY, to UAH 9,078.87 per tonne (excluding VAT). Minimum prices for sugar beets will rise by 38.4% in the next season, to UAH 616.99 per tonne (excluding VAT).