Reports on Indonesian palm oil duty cut confuses Indian edible oil industry | DZHI - DZH International 

Reports on Indonesian palm oil duty cut confuses Indian edible oil industry

  • i2Matrix
  • 12 September 2019
PUNE: Edible oil industry body Solvent Extractors' Association (SEA) has requested commerce ministry to clarify on reports that India has agreed to cut import duty on Indonesian palm oil in lieu of access to Indian sugarNSE 19.68 % in that country. 
In a letter written to the Union commerce minster SEA has said, "It is reported today in Electronic Media quoting Indonesian Trade Minister Mr. Enggartiasto Lukita that India will reduce the import Duty on RBD Palmolein to 45% to create a level playing field with Malaysia. The report further states that India has positively responded to this request. 
SEA president Atul Chaturvedi has said that this report has created confusion among the Indian Trade & Industry. "In fact, after imposition of 5% Safeguard duty on RBD Palmolein and Palm Oil from Malaysia, the effective duty on RBD Palmolein and Palm Oil is 50% irrespective of origin and created a level playing field for all exporting countries," said SEA release. 
It added further, "We feel that there could be some misquoting and factual error in the media report. However, we thought it prudent to bring this report to your kind notice. We would request the Commerce Ministry to issue a suitable clarification to dispel any doubt in the matter." 
SEA quoted a media report: "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. In addition to the RBDPO export duty, Jakarta has also urged New Delhi to eliminate trade barriers for gold exports to the country, with a population of 1.3 billion." 
-- India Times  



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Benny Lee

Founder of i2Matrix. A market strategist, private trader and sought-after financial speaker and trainer in the Asian Region, Benny Lee has coached hundreds of professional and retails traders and investors in Malaysia, Singapore, Hong Kong, Thailand, Vietnam, Pakistan for more than 13 years. His passion in trading and chart analysis leads him to develop trading strategies that have helped him and many others to trade and invest successfully in the financial markets.

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