Malaysian palm oil industry to focus on friendly trade partners: minister
KUALA LUMPUR, Jan. 12– Malaysia will focus its palm on trade with friendly partners, especially China in the face of hostility from Western nations, Minister of Plantation and Commodities Fadillah Yusof said on Thursday. The minister said Malaysia would respond to these hostile moves from the U.S. and the EU by working with other palm oil producing countries…
KUALA LUMPUR, Jan. 12 (Xinhua) — Malaysia will focus its palm on trade with friendly partners, especially China in the face of hostility from Western nations, Minister of Plantation and Commodities Fadillah Yusof said on Thursday.
The constant demonization and attacks against the sector as well as new regulations, which act as trade barriers, could cripple the economically critical palm oil industry in Malaysia, Fadillah said at the Palm Oil Economic Review and Outlook Seminar 2023.
“I am particularly referring to the EU and the U.S. which are the two economic blocs that are constantly throwing baseless allegations, demonizing our sustainable palm oil efforts and initiating embargo against our palm oil products with the aim of crippling our palm oil industry as a whole,” he said.
The minister said Malaysia would respond to these hostile moves from the U.S. and the EU by working with other palm oil producing countries through the Council of Palm Oil Producing Countries (CPOPC) to protect its interests.
Malaysia recognizes China as a key and friendly market and has engaged with the China Green Food Development Center (CGFDC) aimed at promoting sustainability standards and incorporating the Malaysian Sustainable Palm Oil Certification (MSPO) scheme for Malaysia’s certified palm oil into China, he said.
He added that China’s Grand Oils and Fats (Dongguan) Co Ltd, a company in plant-based oils and fats industry, has become the first company outside Malaysia to be awarded the MPSO Supply Chain Certification Standard and is confidently supplying products made from sustainably produced palm oil to their clients all around the world.
Indonesia and Malaysia are the largest palm oil producing nations, accounting for 85 percent to 90 percent of the total production of the product. Other important producing countries are Colombia, Nigeria and Thailand. Enditem
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