Pak to cut duty on Indonesia palm oil
Page 1 of 1 • Share
Pak to cut duty on Indonesia palm oil
[You must be registered and logged in to see this image.]
JAKARTA: Pakistan has agreed to lower its duty by 15 percent on Indonesian crude palm oil and its by-products by January 2012, officials said.
In return, Indonesia will open its market for Pakistan's Kino oranges with zero import duties, said Indonesian Deputy Trade Minister Mahendra Siregar.
The preferential trade agreement (PTA) was sealed late Friday with Pakistan Secretary of Commerce Zafar Mahmood in Jakarta, pending approval from respective parliaments.
The two countries had been discussing the proposed PTA for several years.
The deal is expected to raise Indonesian palm oil exports market share in Pakistan and compete on the same level with rival Malaysia that has received lower duties since 2007. Currently, Pakistan applies 9,500 to 10,800 Pakistani rupees per tonne on Indonesian palm oil products.
According to Mahmood, Indonesian palm oil market share in Pakistan dropped to 5 percent from 55 percent earlier after Malaysian received lower duties four years ago.
"We think that it will regain to its original share," Mahmood said.
Indonesia and Malaysia account for 80 percent of the total global supply of palm oil. (Reuters)
JAKARTA: Pakistan has agreed to lower its duty by 15 percent on Indonesian crude palm oil and its by-products by January 2012, officials said.
In return, Indonesia will open its market for Pakistan's Kino oranges with zero import duties, said Indonesian Deputy Trade Minister Mahendra Siregar.
The preferential trade agreement (PTA) was sealed late Friday with Pakistan Secretary of Commerce Zafar Mahmood in Jakarta, pending approval from respective parliaments.
The two countries had been discussing the proposed PTA for several years.
The deal is expected to raise Indonesian palm oil exports market share in Pakistan and compete on the same level with rival Malaysia that has received lower duties since 2007. Currently, Pakistan applies 9,500 to 10,800 Pakistani rupees per tonne on Indonesian palm oil products.
According to Mahmood, Indonesian palm oil market share in Pakistan dropped to 5 percent from 55 percent earlier after Malaysian received lower duties four years ago.
"We think that it will regain to its original share," Mahmood said.
Indonesia and Malaysia account for 80 percent of the total global supply of palm oil. (Reuters)
Zeba Khan Hoti- Monstars
- Posts : 773
Join date : 2011-02-24
Similar topics
» How to make a Coconut Palm Leaf Hat - Part 1 of 2!
» Strong quake hits off Indonesia
» 4,600 evacuated in Indonesia volcano eruption
» 6.1-magnitude quake hits Indonesia: government
» Hope for 18 missing in Indonesia plane crash
» Strong quake hits off Indonesia
» 4,600 evacuated in Indonesia volcano eruption
» 6.1-magnitude quake hits Indonesia: government
» Hope for 18 missing in Indonesia plane crash
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Today at 12:21 pm by ali001
» Hemangiom'App
Tue Nov 05, 2024 11:25 am by ali001
» MindfulMe - Mental Health App
Mon Nov 04, 2024 10:50 am by ali001
» Learn Candlestick Patterns
Tue Oct 15, 2024 5:51 am by ali001
» Woh Pagal Si Episode 52 to 62 - Top Pakistani Drama
Sat Sep 21, 2024 6:26 pm by Mir Emmad Ali Khan Domki
» Nearu - share your socials
Sat Sep 21, 2024 1:12 pm by ali001
» Nightclub Tycoon: Idle Empire
Thu Sep 19, 2024 9:16 pm by ali001
» Carnivore - Meat Diet Recipes
Wed Sep 18, 2024 2:37 pm by ali001
» Eid Milad un Nabi Mubarak 2024 (Rabiʻ I 14, 1446 AH)
Tue Sep 17, 2024 3:44 pm by Mir Emmad Ali Khan Domki