Following trade talks at an Asia-Pacific-Economic Cooperation (APEC) meeting in June Indonesia is confident that palm oil will be listed as an ‘environmental good’ by the 21-member APEC nations. Listing palm oil as such would be controversial, however Iman Pambagyo, director general for international trade cooperation at the ministry of trade of Indonesia states that there is confidence that an agreement can be finalized within 16 months.
Pambagyo also stated that the preferential trade agreement signed between Indonesia and Pakistan in February will be put into effect by September 1st after months of negotiations. As a result of this agreement, Pakistan will lower its duty on palm oil shipped from Indonesia by 15%.
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