Write an article about Palm oil to enjoy lower tariffs with new European trade deal .Organize the content with appropriate headings and subheadings (h1, h2, h3, h4, h5, h6), Retain any existing tags from Plantation and commodities minister Johari Ghani said the Malaysia-EFTA Economic Partnership Agreement will be an important reference point in the ongoing negotiations with EU member states.
PETALING JAYA: Malaysian palm oil will benefit from tariff reductions of between 20% and 40% under a newly signed agreement with the four European Free Trade Association (EFTA) member states, says the plantation and commodities ministry.
The ministry said the Malaysia-EFTA Economic Partnership Agreement (Meepa) will also secure international recognition of the Malaysian Sustainable Palm Oil (MSPO) certification as Malaysia’s national sustainability standard, and strengthen the commitment to greater transparency, traceability, and deforestation-free supply chains.
The EFTA was founded in 1960 and promotes free trade and economic integration among its four member nations – Switzerland, Norway, Iceland and Liechtenstein.
“For Malaysia’s palm oil industry, this agreement provides a stronger platform to compete in global sustainability-driven markets while reinforcing market access and tariff advantages for MSPO-certified supply,” the ministry said in a statement.
As part of Meepa, both Malaysia and EFTA also adopted a joint statement on sustainable palm oil, which enhances international recognition of Malaysia’s leadership in sustainable palm oil production and reinforces trust in MSPO-certified supply.
MSPO certification is a prerequisite for accessing the reduced tariffs, positioning MSPO as a key enabler of improved market access for Malaysian palm oil exporters to EFTA countries, said the ministry.
The MSPO scheme grades oil palm plantations, smallholdings and processing facilities to ensure there is no biodiversity loss, land conflict, deforestation and forced labour.
It was made mandatory for all oil palm operations in Malaysia, including plantations, independent and organised smallholdings, and processing facilities, starting Jan 1, 2020.
Plantation and commodities minister Johari Ghani said Meepa would be an important reference point in the ongoing Malaysia-EU Free Trade Agreement negotiations with the 27 EU member states.
He said his ministry will continue to work closely with the investment, trade and industry ministry to ensure that Malaysia’s sustainability leadership, through the MSPO, is fully reflected and protected in all future trade agreements, including with the EU.
“Malaysia remains fully committed to driving global progress in sustainable, responsible, and deforestation-free palm oil trade, with MSPO at the centre of these efforts,” he said.
Last week, Johari said the government was exploring new palm oil markets to reduce the nation’s reliance on major exporting markets due to geopolitical concerns.
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