SEA asks to hike import duty on Malaysian refined palm oil
Team Udayavani, Jun 14, 2019, 4:23 PM IST
New Delhi: Expressing concern over Malaysian palm oil flooding Indian markets, edible oil trade body SEA on Friday asked Prime Minister Narendra Modi to hike import duty on palm oil being purchased from the South-east Asian country, to safeguard domestic oilseed farmers.
In January, India had reduced import duty on refined palm oil sourced from Malaysia to 45 per cent from 54 per cent as part of a Comprehensive Economic Cooperation Agreement (CECA) signed by the two countries in fiscal year 2010-11.
In a representation made to the Prime Minister, Mumbai-based Solvent Extractors Association of India (SEA) said there has been a “sharp increase” in imports of refined palm oil as a consequence of the India-Malaysia CECA pact.
“We strongly appeal to the government to kindly scrap the CECA agreement with Malaysia with immediate effect and impose higher duty on (RBD) palmolein (refined palm oil) to save domestic refiners and oilseed farmers,” it said.
According to SEA, the refined, bleached and de-odorised (RBD) palmolein imports have gone up from 1,30,000 tonne in December 2018 to 3,71,060 tonne in May 2019, highest in any single month since May 2013.
Total palm oil imports stood at 8,18,149 tonnes during May this year, while soft oils were at 3,62,637 tonnes in the same period, it said.
Total vegetable oils (both palm and soft oils) imports in May this year declined to 12,21,989 tonnes from 12,86,240 tonnes in the same month previous year, the SEA data showed.
India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean oil from Latin America. Sunflower oil is imported from Ukraine and Russia.
Covid 19: Five new cases confirmed in Udupi, total 23 cases today
Covid 19: K’taka tally rises to 2089
Travellers shall give 14-day quarantine undertaking before boarding: Health min on intl arrivals
Related Articles More
Hired over 20,000 employees in US in last 5 years: TCS
D-Mart April revenue declines 45 pc due to lockdown
Telcos approach TRAI seeking early decision on floor price issue
Don’t fear CBI, CVC, CAG; extend loan to eligible borrowers: FM to bankers
GoAir says awaiting ‘clarity’ on readiness of states, airports for flight operations
Tragedy and chaos: Former MIA director recalls Mangalore Air Crash
Lockdown relaxation: Long queues outside liquor stores in Mangaluru
Indian Coast Guard thank Covid-19 warriors
#WeFeed – Feeding stray animals during lockdown!
Mysuru-origin doctor honoured with parade for her service in treating COVID-19 patients in US
Cop tests Covid +ve; Vittal police station sanitised, sealed down for 48 hours
Belagavi: Newly wed couple seek blessings through old custom
Mayawati a ‘Twitter behanji’ and ‘undeclared spokesperson of BJP’: Congress
Bidar: 15 police personnel quarantined
Gen Rawat starts contributing Rs 50K/month to PM CARES; to continue for 1 yr