Login ID:
Password:
Partner Login
Contact Us : 7066511911

India Agrees To Reduce Duty On Indonesian Palm Oil

11 Sep 2019 11:31 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

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.

   

       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Indonesia Lowers Crude Palm Oil Export Tax At $3 Per To...
Govt Sharply Revises Down Base Import Price Of Edible O...
BMD CPO Faces Worst Weekly Loss In Over 11 Years
ITS May Lower Malaysia's Palm Oil Export Estimates For ...
Balance Stock Of Oilseed Under PSS With NAFED As On 26 ...
more
Top 5 News
Indonesia Lowers Crude Palm Oil Export Tax At $3 Per To...
Govt Sharply Revises Down Base Import Price Of Edible O...
New Chana Trade Mixed At Major Markets; Old Chana Firm
Spot Mentha Prices Edge Lower On Sluggish Demand
Domestic Sugar Prices Rule Steady
Top 5 Special Reports
USD/INR (Feb. 20) Short-term Strength Within a Multi...
USD/INR (Feb. 20) Short-term Strength Within a Multi...
USD/INR (Feb. 20) Positive Short-term Trend / Next R...
USD/INR (Feb. 20) Positive Short-term Trend / Next R...
USDMYR
Copyright © CC Commodity Info Services LLP. All rights reserved.