Trade Sector Updates – Falling Exports, TIES, MEIS, Foreign Trade Policy, etc.

Asian Palm Oil Alliance (APOA) formed by 5 South Asian Countries

Note4Students

From UPSC perspective, the following things are important :

Prelims level : Palm Oil, APOA

Mains level : Not Much

Edible oil trade associations from five palm oil importing countries in South Asia – India, Pakistan, Sri Lanka, Bangladesh and Nepal – on Thursday announced the setting up of Asian Palm Oil Alliance (APOA).

What is Oil Palm?

  • Palm oil is an edible vegetable oil derived from the mesocarp of the fruit of the oil palms.
  • The oil is used in food manufacturing, in beauty products, and as biofuel.

What is APOA?

  • Through APOA, the countries aim at safeguarding the economic and business interests of the palm oil consuming countries and will work towards increasing the consumption of palm oil in member countries.
  • The idea is to gain collecting bargaining power and make imports sustainable.
  • APOA held its first general body meeting on the side-lines of the Globoil Summit.
  • The industry associations of Asian palm oil importing countries, unlike their counterparts in Europe, are not involved in shaping the global discourse on sustainable palm oil in a collective way.
  • The alliance would work towards ensuring that palm oil is recognised as a high-quality, economical, and healthy vegetable oil and to change the negative image of palm oil.

Why such move?

  • India’s annual imports of edible oil is around 13-14 million tonne (MT).
  • Around 8 MT of palm oil is imported from Indonesia and Malaysia, while other oils, such as soya and sunflower, come from Argentina, Brazil, Ukraine and Russia.
  • Asia accounts for around 40% of the global palm oil consumption while Europe accounts for 12% of palm oil trade.
  • Indonesia and Malaysia are the biggest palm oil exporters in the world.
  • India is the largest importer of palm oil in Asia, accounting for 15% of global imports, followed by China (9%), Pakistan (4%) and Bangladesh (2%).

Try this PYQ:

Q.Among the agricultural commodities imported by India, which one of the following accounts for the highest imports in terms of value in the last five years?

(a) Spices

(b) Fresh fruits

(c) Pulses

(d) Vegetable oils

 

Post your answers here.
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vamshidas barigela
vamshidas barigela
4 months ago
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Edible oil: Option D. 60% of Indias edible oil usage is through imports

Kiran Mai
Kiran Mai
4 months ago
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d

Rainy Singh
Rainy Singh
4 months ago
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d

Jyoti Lohchab
Jyoti Lohchab
4 months ago
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(d)vegetable oils

Prashant Raj
Prashant Raj
4 months ago
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d

Niket Kumar
Niket Kumar
4 months ago
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(d) Vegetable Oil

RIturaj Singh Mourya
RIturaj Singh Mourya
4 months ago
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D

Charan HARISH
Charan HARISH
4 months ago
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D

Sintu Maurya
Sintu Maurya
4 months ago
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Vegetable oil

Gagan N Nayaka
Gagan N Nayaka
4 months ago
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D

ARPIT KUMAR
ARPIT KUMAR
4 months ago
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C

Pragun Jain
Pragun Jain
4 months ago
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D

charansine
charansine
4 months ago
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d