Palm oil Alliance formed by 5 South Asian Countries

• Edible oil trade associations from five palm oil importing countries in South Asia – India, Pakistan, Sri Lanka, Bangladesh and Nepal, announced the setting up of Asian Palm Oil Alliance (APOA). The idea is to gain collecting bargaining power and make imports sustainable.
• According to the APOA statement, the alliance would work towards ensuring that palm oil is recognised as a high-quality, economical, and healthy vegetable oil and to change the negative image of palm oil. Chaturvedi said that membership of APOA would be further expanded to include companies or industry bodies associated with production or refining of palm oil across the continent. The next meeting of APOA is expected to be held in Indonesia early next year.
• India’s annual imports of edible oil is around 13-14 million tonne (MT). Around 8 MT of palm oil is imported from Indonesia and Malaysia, while other oils, such as soya and sunflower, come from Argentina, Brazil, Ukraine and Russia. Asia accounts for around 40% of the global palm oil consumption while Europe accounts for 12% of palm oil trade. Indonesia and Malaysia are the biggest palm oil exporters in the world. India is the largest importer of palm oil in Asia, accounting for 15% of global imports, followed by China (9%), Pakistan (4%) and Bangladesh (2%).

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Published date : 26 Sep 2022 06:55PM