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Asian Palm Oil Alliance (APOA)

  • IASbaba
  • September 28, 2022
  • 0
Governance
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In news: APOA held its first general body meeting on the side-lines of the 25th Globoil Summit being held in India.

  • The next meeting of APOA is expected to be held in Indonesia early next year.

About:

  • It is an edible oil trade association formed of five palm oil importing countries in South Asia – India, Pakistan, Sri Lanka, Bangladesh, and Nepal
  • Objective: To gain collective bargaining power, to make imports sustainable and to safeguard the economic and business interests of the palm oil consuming countries
  • 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.
  • The association is not involved in shaping the global discourse on sustainable palm oil in a collective way.
  • The membership of APOA would be further expanded to include companies or industry bodies associated with production or refining of palm oil across the continent

About Palm Oil imports:

  • India’s annual imports of edible oil is around 13-14 million tonnes (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 (15% of global imports), followed by China (9%), Pakistan (4%) and Bangladesh (2%).

About Oil Palm:

  • It is a humid tropical crop and thrives best in temperature ranging from 22 °C to 24 °C. They require at least 5-6 hours of bright sunshine per day and 80% of humidity for optimum growth.
  • Palm oil is a very productive crop. It offers a far greater yield at a lower cost of production than other vegetable oils. It produces high-quality oil used primarily for cooking in developing countries.
  • It is also used in food products, detergents, cosmetics and, to a small extent, biofuel. Many packaged products contain palm oil—such as in lipstick, soaps, detergents and even ice cream.

Source:  Financial Express

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