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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

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Malaysia calls EU deforestation rule ‘unjust’ for palm oil ban.

Photo: Freepik Photo: Freepik
Photo: Freepik Photo: Freepik

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On Thursday, Malaysia voiced disappointment over a European Union policy banning deforestation-linked imports, fearing damage to its palm oil exports.

On Wednesday, the European Parliament passed a major law mandating companies exporting goods into the EU to submit “verifiable” evidence that their products were not grown on land deforested after 2020 or face heavy fines.

The law will affect soy, cattle, palm oil, lumber, cocoa, coffee, rubber, charcoal, leather, chocolate, and furniture.

Malaysia’s palm oil industry, a key export, branded the law a “deliberate effort” to hike costs and limitations.

Second only to Indonesia, Malaysia exports lipstick and pizza oil.

“The (law) is unjust and serves primarily to protect a domestic oilseeds market that is inefficient and cannot compete with Malaysia’s efficient and productive palm oil exports,” said Fadillah Yusof, Malaysia’s Minister of Plantation Industries and Commodities.

He said Malaysia is working with Indonesia to identify an appropriate response to the bill and is open to conversations with the EU to address concerns over the rule.

Small farmers cannot afford compliance, according to Malaysia.

Smallholders plant 26%, or 1.5 million hectares, of oil palm in Malaysia. To escape poverty, approximately seven million smallholders harvest palm oil.

 


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