India agrees to reduce export tariff on Indonesian palm oil

 13 September 2019   

India agrees to reduce export tariff on Indonesian palm oil

 Bangkok, Thailand (ANTARA) - India has agreed to a 5 percent reduction in the export duty for Indonesian refined, bleached, and deodorized palm oil (RBDPO) on the similar lines as the tariff imposed for Malaysian palm oil.
 
India had imposed a 45 percent tariff for Malaysian palm oil exports under the India-Malaysia Comprehensive Economic Cooperation (IMCECA), while the export duty on palm oil under the ASEAN-India Free Trade Agreement (AIFTA) was set at 50 percent.
 
Indonesian Trade Minister Enggartiasto Lukota made the statement on late Tuesday (Sept 10), the last day of the 51st ASEAN Economic Ministers' Meeting (AEM) held in Bangkok, Thailand.
 
"About the same tariff of processed palm oil or RBDPO, India said, (it will be imposed) soon," Lukita stated.
 
Related news: India to remain RI`s biggest palm oil market
 
He cited Indian Trade and Industry Minister Piyush Goyal’s response to the request that the decision on export duty for Indonesian RBDPO was made on the sidelines of the meeting.
 
In addition to the RBDPO export duty, Jakarta has also urged New Delhi to eliminate trade barriers for gold exports to the country, with a population of 1.3 billion.
 
Goyal has vowed to assess the barriers for Indonesian gold exports to India, including the prerequisite bank guarantee to export gold.
 
Related news: Indonesia, India hold discussions on realizing US$50 billion trade
 
Earlier on Sunday, at a bilateral meeting with his Indian counterpart on the sidelines of the AEM, Lukita had called to reduce tariffs for RBDPO exports to India to the same level as those imposed for Malaysian products to make Indonesian products more competitive vis-á-vis Malaysian ones.
 
In response to this, Indonesia has offered market access for India to export raw sugar by lowering the standard of International Commission for Uniform Methods of Sugar Analysis (ICUMSA) for imported refined crystal sugar, from 1,200 to 200.
 
Lukita remarked that India had responded positively to the offer.
 
Related news: Indonesia encourages ASEAN, India to strengthen partnership in STI
 
Currently, Australia and Thailand have emerged as the key suppliers of Indonesian raw sugar imports.
 
India was the fourth-biggest export destination country and the ninth-largest importer for Indonesian products in 2018.
 
Bilateral trade during the period had reached US$18.7 billion, wherein Indonesia enjoyed a surplus of $8.7 billion.
 
Related news: Indonesia, India ensure sustainable palm oil production and trade
 
Indonesia's exports to the country in 2018 were recorded at $13.7 billion and imports at $5 billion.
 
Indonesia's main exports to India comprise coal, with exports reaching $5.37 billion in 2018; palm oil and its derivatives, $3.56 billion; natural rubber, $429.2 million; and copper ore and concentrate, $414.9 million.

 

MEMBERS OF

SHIPPING LINES

COURRIER PARTNERS

Turn Up is a boutique and wholly Australian owned company that provides solutions and legal services that are trusted, relevant, consistent and professional Best and Recommended Visa Consultant in Bali Indonesia.

The Director runs the day to day management of Turn Up which requires them to hold a very high and solid understanding coupled with many years of experience to run the business and operational objectives needed to ensure the greatest potential for success for all of Bali expat’s legal needs Best and Recommended Visa Consultant in Bali Indonesia.

With this experience and understanding in mind, they have built a strong team with broad and very focused skill sets to accomplish the best possible outcomes for expatriates, living, working, investing, building a business or even marrying in Bali Best and Recommended Visa Consultant in Bali Indonesia.

We have created a structure that provides solid communication through every step of the process. We provide the time together with a strong plan and a focused team that works towards goals and deadlines to maximize your satisfaction and success.

We give you the Best Trusted Solution and Service by providing operational excellence, service leadership and customer confidentiality.

Turn Up demonstrates our alliance with all of our existing clients by our consistently progressive commitment to customer service. This customer support infrastructure enables us to offer our clients complete satisfaction and excellence of service, which exceeds client expectation while maintaining a cost pro-active attitude of care within our own organization Best and Recommended Visa Consultant in Bali Indonesia.

At Turn Up we ensure that our clients are kept up to date and informed on the progress and of any regulation changes at all times. We respond to each individual’s needs from application to completion.