New Delhi: India has agreed to cut down import duty on processed palm oil from Indonesia to 45 per cent, the commerce ministry said.
The decision was taken by India during a meeting between Commerce and Industry Minister Piyush Goyal and his Indonesian counterpart Enggartiasto Lukota on the sidelines of the 51st ASEAN Economic Ministers’ Meeting (AEM) in Bangkok, earlier this week, the ministry said.
The move would bring parity with imports of the oil from Malaysia.
In addition to the refined, bleached, and deodorised palm oil (RBDPO) import duty, Indonesia has also urged India to remove trade barriers for gold exports.
Indonesia has offered market access to India for exporting raw sugar by lowering the standard of International Commission for Uniform Methods of Sugar Analysis. (With agency inputs)