The British authorities expect to remove the import duty on Malaysian palm oil. This is reported by the newspaper “Financial Times”, citing sources involved in negotiations on this issue.
Now the rate of import duty on “palm” in the United Kingdom is 12%. Malaysia, for its part, was able to get the UK government to reduce tariffs immediately to 0%.
“This was possible immediately after the country joined the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP),” the report said.
Malaysia is the second largest producer of palm oil in the world after Indonesia. Both countries together account for more than 80% of all global supplies.