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India agrees to lower import duties on Indonesian palm oil

In response to its market access for Indian raw sugar exports, India has agreed to reduce import duties on Indonesian processed palm oil to 45 per cent, bringing about parity with imports from Malaysia. 

The decision was taken at a meeting between Commerce and Industry Minister, Mr Piyush Goyal, and his Indonesian counterpart on the sidelines of the 51st ASEAN Economic Ministers’ Meeting (AEM) in Bangkok, Thailand, says a report.

Indonesia lowers standard requirement for imported refined crystal sugar 

Indonesia has offered market access for India to export raw sugar by lowering the standard requirement for imported refined crystal sugar to a level that the country could find possible to meet. It has offered to lower the standard of International Commission for Uniform Methods of Sugar Analysis for imported refined crystal sugar from 1,200 to 200, the report said.

Indonesia’s main exports to India comprise coal, with exports reaching $5.37 billion in 2018, palm oil and its derivatives, at $3.56 billion, natural rubber, $429.2 million, and copper ore and concentrate, $414.9 million, the report added.

 

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