New Delhi: India has agreed to reduce import duties on processed palm oil from Indonesia to 45 per cent, according to the commerce ministry. The move would bring parity with imports of the oil from Malaysia.
The decision regarding this was taken by India during a meeting between Commerce and Industry Minister Piyush Goyal and his Indonesian counterpart Enggartiasto Lukota on the sidelines of the 51st ASEAN Economic Ministers’ Meeting (AEM) in Bangkok, earlier this week, according to the ministry.
In addition to the refined, bleached, and deodorised palm oil (RBDPO) import duty, Indonesia has also urged India to remove trade barriers for gold exports. Goyal has assured to look into the matter. At the sidelines of the AEM, Lukita had asked for cut in tariffs on the palm oil by India and make it to the same level as those imposed for Malaysian products.
India on 4 September imposed 5 per cent safeguard duty on imports of refined palm oil from Malaysia, taking the customs levy to 50 per cent for six months, a move aimed at protecting interest of domestic players. In response, Indonesia has offered market access to India for exporting raw sugar by lowering the standard of International Commission for Uniform Methods of Sugar Analysis