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.
