Import duty on crude, refined palm oils Cut

Import duty on crude, refined palm oils Cut

Part of: GS Prelims and GS II- International Affairs

In News

• Acting on the ASEAN and the India-Malaysia Comprehensive Economic Cooperation Agreements, the Centre slashed import duty on refined palmolein from 50% to 45%, while that on crude palm oil (CPO) from 40% to 37.5%
• The action is said to have a serious impact on the domestic palm oil refining industry and oilseeds farmers

Value Addition for Prelims

• ASEAN stands for the Association of Southeast Asian Nations. It was formed in 1967, by Thailand, Singapore, Philippines, Malaysia, and Indonesia.
• Membership has been extended to include Vietnam, Burma, Laos, Cambodia, and Brunei.
• Apart from economic and political growth it also focuses on social progress, social-cultural evolution among member countries, and provision of mechanisms and strategies to resolve differences peacefully.