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HomeEconomyPalm oil alliance formed by 5 South Asian countries

Palm oil alliance formed by 5 South Asian countries

Edible oil trade associations of five palm oil importing countries: India, Pakistan, Sri Lanka, Bangladesh and South Asia Nepal – On Thursday, we announced the formation of the Asia Palm Oil Alliance (APOA). The idea is to gain collective bargaining power and make imports sustainable.

“Through APOA, we aim to protect the economic and business interests of palm oil consuming countries and will work towards increasing palm oil consumption in member countries.” APOA Chair told FE.

APOA held its first General Assembly to coincide with the Globoil Summit being held here.

He said industry associations from Asian palm oil importing countries, unlike their European peers, are not involved in collectively shaping the global debate on sustainable palm oil. “For the past two decades, Asian countries have been forced to follow sustainability standards that do not reflect market realities,” said Chaturvedi.

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The alliance aims to change the negative image of palm oil by ensuring that palm oil is recognized as a high-quality, economical and healthy vegetable oil, according to APOA’s statement.

Chaturvedi said it would further expand APOA’s membership to include companies or industry associations related to palm oil production or refining across the continent.

The next meeting of APOA will be held in Indonesia early next year.

India’s annual imports of edible oils are around 13-14 million tons (MT). About 8 tonnes of palm oil is imported from Indonesia and Malaysia, while other oils such as soybean and sunflower are imported from Argentina, Brazil, Ukraine and Russia.

Asia accounts for about 40% of the world’s palm oil consumption and Europe accounts for 12% of the palm oil trade. Indonesia and Malaysia are the world’s largest palm oil exporters.

India is Asia’s largest importer of palm oil, accounting for 15% of global imports, followed by China (9%), Pakistan (4%) and Bangladesh (2%).

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