Malaysia welcomes India’s move to remove 5pc duty on palm oil imports

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. — Reuters pic
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. — Reuters pic

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

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