Palm oil dips as India import tax concerns counter weak supply outlook

India is considering raising import taxes on vegetable oils to help protect farmers reeling from lower oilseed prices, two government sources said on Wednesday. The move, which is likely to be announced in the coming weeks, could dampen demand and reduce overseas purchases of palm oil.

India is considering raising import taxes on vegetable oils to help protect farmers facing lower oilseed prices. The decision, likely to be announced in the coming weeks, may reduce demand for palm oil, soyoil, and sunflower oil imports. The finance ministry’s Department of Revenue will make the final determination.

Indian firms are expanding their footprint in Argentina, focusing on lithium, copper, and gold exploration. Bilateral trade has surged to $4.6 billion, with Argentina being a key supplier of soybean and sunflower oil to India. Both nations celebrate deep-rooted cultural, economic, and defense ties, enriching their longstanding partnership.

India and Oman are close to finalizing a Comprehensive Economic Partnership Agreement (CEPA) to increase bilateral trade and investments. The agreement would benefit Indian exports, including textiles and pharmaceuticals, by eliminating duties. Improved direct shipping links were also discussed to reduce trade costs and enhance economic ties.

The Indian government has allowed the import of up to 160 tonnes of gold from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement, known as CEPA. This follows a surge in gold imports from the UAE, prompting calls for a review of the agreement. India’s gold imports dropped by […]

Nirmala Sitharaman met Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong to strengthen bilateral ties. Accompanied by other Indian ministers, they discussed enhancing cooperation in digitalisation, skill development, sustainability, and other areas, ahead of Prime Minister Narendra Modi’s expected visit next month.

In 2023-24, India’s exports to Bangladesh were higher than many of the world’s leading economies like Japan, Germany and France. However, the ongoing socio-political turmoil has impacted economic activities in Bangladesh and is very likely to adversely affect its bilateral trade relations with India.

The Solvent Extractors Association of India has asked the government to revisit its ban on de-oiled rice bran exports, pointing to severe underutilisation of processing plants in eastern India. The association cited the challenges faced by processors in West Bengal and raised concerns about quality control and adulteration in rice bran oil.

India and Australia engaged in their tenth round of negotiations for a Comprehensive Economic Cooperation Agreement from August 19-22 in Sydney. Discussions focused on goods, services, digital trade, and other areas, with the aim of narrowing differences. The next round of talks will be held in November, according to the commerce ministry.

The tenth round of India-Australia CECA negotiations took place from August 19 to 22 in Sydney. Discussions covered a variety of areas including goods, services, digital trade, government procurement, rules of origin, and agri-tech. Both parties engaged in intense dialogues on these subjects to achieve clarity and understanding, which is expected to help in bringing […]