UK entry into CPTPP, eliminating palm oil import tariff a triumph

PETALING JAYA: Palm oil is highly efficient and productive than other oils per acre, which makes it cost-effective and environmentally beneficial, says former member of the European Parliament, John Longworth.

Sharing his comment in the UK-based Daily Express, the chairman of the Independent Business Network described the move by the UK government led by Prime Minister Rishi Sunak to eliminate import tariffs on palm oil from Malaysia and entering the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) as a “triumph”.

“Malaysia, like other CPTPP nations, is an allied democracy with huge growth potential. It is in our strategic interest to drive economic development – for Malaysia, that means palm oil. For others in the region, it might be nickel or textiles,” he emphasised.

Longworth said palm oil was an ingredient in almost half of the items in the supermarkets. Food inputs for British businesses, and finished products for British consumers, will be cheaper.

“If the anti-CPTPP campaign thinks that higher food prices are a good idea during a cost-of-living crisis, they have badly misread the room. It is a classic example of misrepresentation of the standards argument.

“The environmental opposition is also predictably bogus: the United Nations’ official data in its comprehensive Global Forests Resource Assessment show that deforestation in Malaysia is effectively zero,” he said. — Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!


Next In Business News

Trading ideas: BIMB, PMB, Ekovest, WCT, M&A Equity, PTT, UUE, Citaglobal, Econframe, Advancecon, MGRC, BTM, Elridge, KHPT, TMK
Banking industry meets credit growth target in 1H
Alphabet in talks to buy cybersecurity startup
Saudi Arabia stress-tests its economy and stretches petro wealth
Interim Credit Suisse review blasts regulator
Not all Vietnam firms interested in franchise model
ECB may prime markets for September rate cut
Need for central climate funding body
Wall Street pushes back after protests escalate
Manufacturers up investments in services trade

Others Also Read