Ministry seeks diplomatic solution to India’s restriction on RBD imports


KUALA LUMPUR: The Primary Industries Ministry is seeking diplomatic solutions with India following their move to restrict refined palm oil imports from Malaysia.

Its minister Teresa Kok said they will continuously engage with the world’s biggest palm oil buyer to find amicable solutions to the matter.

“It is important for us to engage them further through the diplomatic channel with stakeholders and industry players,” she told reporters after officiating at the Palm Oil Economic Review and Outlook Seminar 2020 here yesterday.

Recently, the Indian government reportedly put restrictions on refined palm oil imports to protect domestic refiners.

The curbs on RBD palm olein (the refined, bleached and deodorised form of palm oil) were announced in a notification by the Ministry of Commerce.

On Jan 13, Kok dismissed reports that India has called for a boycott of Malaysian palm oil.

She said it was learned from several discussions that Indian palm oil buyers wanted Malaysia to increase its export of crude palm oil and reduce the export of refined palm oil.

Earlier in her speech, Kok said the ministry will set up a special committee to manage the trust account called Biodiesel Stabilisation Fund for the crude palm oil (CPO) windfall tax.

“Different sector such as palm oil industry and industry players will be invited to be part of the community as well as a representative of Finance Ministry to manage this Levi in a transparent manner,” said the minister.

On Jan 7, she said, at least 50 per cent of the crude palm oil (CPO) windfall tax will be channelled to the fund, which is expected to be set up within the first quarter of this year.

On another note, Kok said a total of 3.68 million ha or 62.91% of the 5.85 million ha of oil palm areas have been certified by the Malaysian Sustainable Palm Oil (MSPO) as of Jan 15.

A total of 345 oil palm mills or 75.6% have received certification from MSPO.

“The Malaysia Palm Oil Board will be taking stern action which include cancelling of licences of palm oil growers with 100 acres and above and palm oil mills that do not comply to MPSO beginning Jan 1, 2020,” she said. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

palm oil , import , Teresa Kok

   

Did you find this article insightful?

Yes
No

75% readers found this article insightful

Next In Business News

Moody's expects Petronas' credit metrics to stay strong through 2021
Public Mutual declares RM22m distributions for 6 funds
Airline stocks soaring, but there’s still a long way back
UK's Sunak says public finances won't be fixed overnight
Buffett upbeat on US and Berkshire, buys back stock
China's factory activity expands at a slower pace in February
CPO futures trading to remain range bound next week
Advisory panel unanimously recommends FDA authorize Johnson & Johnson COVID-19 vaccine
GameStop rally fizzles; shares still register 151% weekly gain
NYSE begins move to delist Chinese state oil producer CNOOC

Stories You'll Enjoy


Vouchers