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News Admin
 
Date
 26/03/2020
News Provider
 Siti Safura Masiron
News Source
 Malay Mail
Headline
 Malaysia welcomes India’s move to remove 5pc duty on palm oil imports

25.03.2020 (Malay Mail) - KUALA LUMPUR, March 25 — Malaysia welcomes India’s decision not to renew the imposition of the five per cent bilateral safeguard duty on refined palm oil from the country, Plantations Industries and Commodities Minister Datuk Mohd Khairuddin Aman Razali said.

The safeguard duty was imposed by India on September 4 last year for six months, which raised the tax on such imports from 45 per cent to 50 per cent.



Mohd Khairuddin said the government viewed positively India’s move which showed the latter’s openness to reestablish the long-standing close relations between the two countries in terms of trade and culture.



“However, Malaysia acknowledges that both countries need to discuss further on several issues, including curbs on palm oil exports to India and the trade imbalance in favour of Malaysia,” the recently-appointed minister said in a statement today.



Mohd Khairuddin, who previously said one of the first moves of the new government would be to rebuild the relations with India, plans to lead a Malaysian delegation to the world’s second most populous nation to discuss the strategic trade directions, especially in the commodity sector, for the benefit of both countries following the end of the Covid-19 pandemic situation.



“Prime Minister Tan Sri Muhyiddin Yassin is also prepared to meet India’s Prime Minister to discuss bilateral trade and to strengthen relations between the two countries,” he added. — Bernama



https://www.malaymail.com/news/malaysia/2020/03/25/malaysia-welcomes-indias-move-to-remove-5pc-duty-on-palm-oil-imports/1850135


ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
Tel : 603 - 7802 2800 || Fax : 603 - 7803 3533