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India may restrict imports of palm oil from Malaysia

a palmAll Business National News 

India is considering restricting imports of some products from Malaysia including palm oil, according to government and industry sources, in reaction to the Southeast Asia country’s leader criticizing New Delhi for its actions in Kashmir.

India is looking for ways to limit palm oil imports and may place restrictions on other goods from the country, said a government source and an industry source who took part in discussions led by the Ministry of Commerce and Industry on the planned restrictions.

The sources asked not to be named as the proposal was still under discussion.

They angered the government after Malaysian Prime Minister Mahathir Mohamad said last month at the United Nations that India had “invaded and occupied” Jammu and Kashmir and asked New Delhi to work with Pakistan to resolve the issue.

The Centre revoked the special constitutional status of Jammu-Kashmir on August 5.
The government wants to send a strong signal of its displeasure to Malaysian authorities, the sources said.

India may import Restriction of Palm oil from Malaysia

India, the world’s biggest importer of edible oils, is planning to substitute Malaysian palm oil with supplies of edible oils from countries such as Indonesia, Argentina, and Ukraine, said the sources.

Palm oil accounts for nearly two-thirds of India’s total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

In the first nine months of 2019, India was the biggest buyer of Malaysian palm oil, taking 3.9 million tonnes.

A spokeswoman for India’s commerce ministry said the ministry could not comment on things that were under consideration.

Malaysia’s prime minister on Friday said he had not received “anything official” from India after Reuters first reported that India was mulling restricting imports of Malaysian palm oil and other products.

The news prompted Malaysian palm oil futures to snap five days of gains to end lower on Friday evening.

Zakir Naik is another issue with Malaysia

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange. It had earlier been trading up on the day, fell 0.9% to close at 2,185 ringgit ($522.23) per tonne.

The government is also planning some restrictions on imports from Turkey. Offical said as Ankara has issued repeated statements on Kashmir. However, an issue that India considers an internal matter.

Besides tensions around Kashmir, there has also been friction between India and Malaysia over Islamic preacher Zakir Naik. However, whom Indian authorities want extradited from Malaysia.

In 2016, an Indian counter-terrorism agency accused Naik of promoting hate speech.

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