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India Agrees To Reduce Duty On Indonesian Palm Oil

11 Sep 2019 11:31 am
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MUMBAI (Commoditiescontrol) - India has agreed to bring down import duty for Indonesian refined, bleached, and deodorized palm oil (RBDPO) from existing 50 percent to 45 percent, on the similar lines as the tariff imposed for Malaysian palm oil.

Indonesian Trade Minister Enggartiasto Lukota made the statement on late Tuesday (Sept 10), the last day of the 51st ASEAN Economic Ministers' Meeting (AEM) held in Bangkok, Thailand.

"About the same tariff of processed palm oil or RBDPO, India said, (it will be imposed) soon," Lukita stated.

He cited Indian Trade and Industry Minister Piyush Goyal's response to the request that the decision on export duty for Indonesian RBDPO was made on the sidelines of the meeting.

Earlier on Sunday, at a bilateral meeting with his Indian counterpart on the sidelines of the AEM, Lukita had called to reduce tariffs for RBDPO exports to India to the same level as those imposed for Malaysian products to make Indonesian products more competitive vis-á-vis Malaysian ones.

India had imposed a 45 percent tariff for Malaysian palm oil exports under the India-Malaysia Comprehensive Economic Cooperation (IMCECA), while the export duty on palm oil under the ASEAN-India Free Trade Agreement (AIFTA) was set at 50 percent.

In response to this, Indonesia has offered market access for India to export raw sugar by lowering the standard of International Commission for Uniform Methods of Sugar Analysis (ICUMSA) for imported refined crystal sugar, from 1,200 to 200.

Lukita remarked that India had responded positively to the offer.

   

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