Indonesia plans to eventually stop all crude palm oil exports


JAKARTA (Bloomberg): Indonesia, the world’s biggest producer of crude palm oil, plans to stop exporting the raw commodity eventually, shipping refined products instead.

"At some point, we must stop exports of crude palm oil, it should be in the form of cosmetics, margarine, biodiesel and other processed products,” President Joko Widodo said in a video uploaded to the official channel.

The country needs to be bold in stopping shipments of raw materials, despite the risk of lawsuits at the World Trade Organization.

South-East Asia’s largest economy has been seeking to climb up the commodities value chain, banning exports of unrefined copper and later nickel ores while requiring miners to invest in local smelters. The European Union has sought to challenge the export restrictions at the WTO.

Indonesia should prepare "world-class lawyers” in anticipation of any legal action, Jokowi said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Indonesia , palm , oil , exports , crude

   

Next In Aseanplus News

Schools close in Bangkok as Thailand’s air pollution worsens
Oil falls about 3% as strong US jobs data prompt interest rate concerns
Chinese scientists build hypersonic generator for power-hungry weapons of the future
Alibaba, BYD boost Hong Kong stocks as Fed policy downshift, China recovery bets draw global funds
Talent-strapped Taiwan seeks 20,000 ‘special’ professionals, 200,000 overseas students amid talent push
Tech war: Korean probe of tech leak to China underscores semiconductor supply chain tensions
Details of 500,000 airline tickets giveaway to be revealed as city chief outlines HK$2 billion ‘Hello Hong Kong’ campaign
US State Department honours Chinese activist Ding Jiaxi as a ‘global human rights defender’
China’s clean heating policies may have prevented over 23,000 premature deaths in 2021, study finds
Chinese military announces YJ-21 missile abilities in social media post read as warning to US amid tension in Taiwan Strait

Others Also Read