Commerce Min recommends 5% safeguard duty on palm oil imported from Malaysia
New Delhi, Aug 27 (KNN) In a bid to curb cheaper imports of certain refined palm oil from Malaysia, the Commerce and Industry Ministry has recommended raising the safeguard duty by 5%.
The ministry's investigation arm Directorate General of Trade Remedies has recommended the duty after conducting a probe into alleged jump in imports of “refined bleached deodorised palmolein and refined bleached deodorised palm oil” from Malaysia, following a complaint from Solvent Extractors' Association of India.
The move has been taken to safeguard the interest of domestic industry. It will help limit import of palm oil from Malaysia, thereby benefiting the domestic farmers directly, said the Ministry.
Palm oil is used by several industries in food products, detergents and cosmetics, among others. The ministry has recommended raising the duty for six months.