Malaysia has said it does not plan to take any response against the ban on palm oil entering Europe by boycotting products from European countries.
Primary Industries Minister Teresa Kok stated on the sidelines of the 30th Annual Palm and Lauric Oils Conference and Exhibition in Malaysia by saying: ‘At the moment, we do not have any idea to boycott any product from any country yet. ‘But, we are trying to argue out the banning issue,’.
Kok said the ministry has dispatched a team to Brussels, Belgium, to formally present the country's position to the European Commission.
European Union has launched an initiative to restrict the import of Malaysian palm oil in order to reduce the environmental impact of biofuels. In April 2017, the European Parliament called for a decision to ensure that palm oil enters the EU in sustainability and phase out the use of vegetable oil in biofuels by 2020. The European Parliament's Environment Committee also supported a report banning biofuels for palm oil in the EU by 2030.
Malaysia and neighbouring Indonesia are the two main producers of palm oil in the world, and many of their farms have participated in recent years in works that have been denounced for their environmental impact.
On the other hand, this decision will affect 650,000 small farmers and 3.2 million Malaysians working in the oil industry. (QNA)
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Launch of ERP’s Eco Dome calls for environmental protection
Mannai ICT awarded ISO certifications
What Brexit? Investors snap up UK assets days before EU split
US extends clamp-down on Iran with sanctions on energy firms
Structural reforms, fiscal measures key for India’s growth: RBI
Tax drive blamed for slump in vehicle sales in Pakistan
India doubles cap for some foreign debt investment
Queen’s banker bullish on ‘unloved’ UK stocks
Oil industry in Davos: Torn between Greta and Trump