Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Taliban
al Qaeda
Ayman al-Zawahiri
Joe Biden
United States of America
National Aeronautics and Space Administration
Monkeypox
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / World News / Indonesia keen to buy sugar from India; seeks duty cut
World

Indonesia keen to buy sugar from India; seeks duty cut

Indonesia keen to buy sugar from India; seeks duty cut
Written by Aakanksha Raghuvanshi
Nov 21, 2018, 12:58 pm 2 min read
Indonesia keen to buy sugar from India; seeks duty cut

Indonesia is interested in buying sugar from India but wants the latter to cut import-duty on refined palm oil and the sweetener substantially to 45% and 5%, respectively, according to sources. An Indian delegation will visit Indonesia this week to negotiate trade for these two commodities. While India is the world's largest sugar producer, Indonesia is a major producer of edible oils, particularly palm.

Suggestion
Changing existing law, time-consuming; Indonesia suggests trading arrangement under FTA

The Indonesian government is believed to have communicated that it was "not averse" to a bilateral arrangement with India on palm oil and sugar but it would take a long time to bring changes to the existing law for facilitating trade, the sources said. Instead, Indonesia has suggested a trading arrangement under the India-ASEAN free trade agreement (FTA), the sources added.

Trade agreement
CECA between India, Malaysia to start in January 2019

Indonesia suggested the arrangement so that import duty on refined palm oil and sugar is harmonized to 45% and 5%, respectively, to facilitate trade. Indonesia argued that the Comprehensive Economic Cooperation Agreement (CECA) between India and Malaysia will come into effect from Jan'19 that provides for a preferential import duty of 45% on refined oil as opposed to 50% duty under the India-ASEAN FTA.

Information
India imports up to 15MT of vegetable oil annually

At present, India levies import duty of 54% on refined palm oil, 44% on crude palm oil, imported from Indonesia and Malaysia, and 100% on sugar. India imports 14-15MT of vegetable oils, including soybean oil from Brazil and Argentina, annually to meet its domestic demand.

Production
Sugar: India sitting on surplus stock of over 10MT

However, in the case of sugar, India is sitting on a surplus stock of over 10 million tons (MT) on record production last year and bumper output is expected this year as well. The Indian government asked millers to export 5MT of sugar mandatorily this year and has even given financial assistance to facilitate trade. So far, 8,00,000 tons of sugar has been exported.

Data
China has agreed to buy raw sugar from India

India has produced 32.5 MT of sugar in 2017-18 marketing year (October-September). India is also in talks with China and Indonesia to export surplus sugar and help mills clear cane arrears to farmers. China has, in fact, agreed to buy raw sugar from India.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Aakanksha Raghuvanshi
Aakanksha Raghuvanshi
Mail
Latest
India
Indonesia
Indonesian
Related
Latest
Commonwealth Games: PV Sindhu fights hard to reach semis
Commonwealth Games: PV Sindhu fights hard to reach semis Sports
YouTube tests 'pinch to zoom' feature with Premium users
YouTube tests 'pinch to zoom' feature with Premium users Technology
LG Ultra Tab goes official: Check price and specifications
LG Ultra Tab goes official: Check price and specifications Technology
Commonwealth Games: India's Avinash Mukund wins silver in 3000m steeplechase
Commonwealth Games: India's Avinash Mukund wins silver in 3000m steeplechase Sports
2022 CWG, boxing: India's Amit Panghal storms into the final
2022 CWG, boxing: India's Amit Panghal storms into the final Sports
India
Dharamshala: Russian-origin man marries Ukrainian girlfriend in full desi style
Dharamshala: Russian-origin man marries Ukrainian girlfriend in full desi style India
Use these 5 free resources to ace JEE preparation
Use these 5 free resources to ace JEE preparation Career
Commonwealth Games: Indian women's hockey team thrashes Ghana 5-0
Commonwealth Games: Indian women's hockey team thrashes Ghana 5-0 Sports
Here are the interesting facts about the Commonwealth Games
Here are the interesting facts about the Commonwealth Games Sports
Droupadi Murmu takes oath as 15th president of India
Droupadi Murmu takes oath as 15th president of India India
More News
Indonesia
McDonald's breakfast costs Aussie traveler $2,664: Here's why
McDonald's breakfast costs Aussie traveler $2,664: Here's why World
Hockey India announces squad for 2022 Asia Cup
Hockey India announces squad for 2022 Asia Cup Sports
Hindustan Unilever hikes product prices for second time within month
Hindustan Unilever hikes product prices for second time within month Business
China: Plane crash mystery deepens as evidence suggests midair breakup
China: Plane crash mystery deepens as evidence suggests midair breakup World
Indonesia issues tsunami warning after earthquake of 7.3 magnitude
Indonesia issues tsunami warning after earthquake of 7.3 magnitude World
More News
Indonesian
Couple who named son 'Google' receive gifts from tech giant
Couple who named son 'Google' receive gifts from tech giant World
Indonesian woman jailed for exposing boss' harassment. What?
Indonesian woman jailed for exposing boss' harassment. What? World
Lion air crash: Indonesian diver dies during search operation
Lion air crash: Indonesian diver dies during search operation World
PM Modi offers condolences to Indonesia after deadly earthquake, tsunami
PM Modi offers condolences to Indonesia after deadly earthquake, tsunami India
Indonesia suspends top football league after a fan's death
Indonesia suspends top football league after a fan's death Sports
More News
Related
Why is Indonesia shifting capital from Jakarta to Nusantara?
Why is Indonesia shifting capital from Jakarta to Nusantara? World
Afghanistan's Taliban takeover sends dry fruit prices soaring in India
Afghanistan's Taliban takeover sends dry fruit prices soaring in India Business
Next News Article
Next News Article

Love World news?

Subscribe to stay updated.

World Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022