The problems facing world palm oil trade are set to be the focus of a meeting between Indonesian trade and industry minister, Luhut Panjaitan, and Malaysian primary industries minister, Lim Keng Yaik, during the first week of April. The two countries are the world’s largest producers and exporters of palm oil.
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Among other items on the agenda are discussions over the decreasing prices of palm oil, Malaysia’s new replanting programme, which involves 200,000 hectares of oil palm plantations, and its plans to build a palm-based diesel manufacturing plant.
The two ministers are expected to petition the Indian government over its damaging policy of 75% import tax on crude palm oil. India is the world’s largest buyer of palm oil and the tax particularly hits Indonesia, from where palm oil is largely exported in its crude form.
Luhut revealed that he was hoping for a win-win solution for all countries involved in the crude palm oil trade.
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By GlobalData
