India and ASEAN / East Asia

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g.sarkar
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Re: India and ASEAN / East Asia

Postby g.sarkar » 18 Oct 2019 03:30

https://swarajyamag.com/economy/how-ind ... ssue-at-un
How India Is Responding To Malaysia’s Reckless, Pro-Pakistan Remarks On The Kashmir Issue At UN
by M R Subramani

Oct 16, 2019
India buys more palm oil from Malaysia than China and Pakistan put together.
Malaysia’s reckless, pro-Pakistan statement on Kashmir is costing the country dear.
On 4 October this year, the Ministry of External Affairs came out with a strong statement against Malaysia and Turkey for their comments against India at the United Nations General Assembly on the Kashmir issue.
The ministry spokesman Raveesh Kumar was reacting to both countries criticising New Delhi over the abrogation of Article 370 in Jammu and Kashmir, ending the special status to the border state. Kumar had two messages for both the nations. One, they should obtain a clear understanding of the situation. Two, the Malaysian government should bear in mind its friendly relations with India and desist from making such statements.
Probably, the Food Ministry has followed it up by proposing to raise the integrated goods and services taxes (IGST) to 12 per cent on imports of refined palm oil. The External Affairs Ministry’s statement has hit the Malaysian palm oil market badly as crude palm prices have dropped to the lowest since 3 October to $518 a tonne.
In particular, India’s statement reminding Malaysia of the friendly ties between both countries has affected the palm oil market badly.
Some palm oil importers and refiners in India have taken this as a signal that the Narendra Modi government could further retaliate with trade measures, probably leading to a mini-trade war. These importers and refiners have decided to stop signing any new purchase contract with Malaysian sellers from 1 November. According to Solvent Extractors Association of India, importers had cut down purchases from Kuala Lumpur in September itself when Malaysia criticised India on the Kashmir issue. Crude palm oil prices had ruled at $551 a tonne then.
.....
Gautam

g.sarkar
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Re: India and ASEAN / East Asia

Postby g.sarkar » 20 Oct 2019 10:24

https://www.scmp.com/week-asia/economic ... m-oil-amid
Disgruntled India weighs options on ties and palm oil amid #BoycottMalaysia campaign
The diplomatic fallout from Malaysia’s criticism over Kashmir is spreading to the economy as Indian businesses shun their palm oil suppliers in favour of Indonesian alternatives
With nationalists waging a social media campaign to boycott Malaysian imports, expectations are high that New Delhi will impose curbs or taxes

Vasudevan Sridharan, Tashny Sukumaran
18 Oct, 2019
Traders in India are avoiding Malaysian palm oil imports in favour of purchases from Indonesia amid growing fears that New Delhi is weighing retaliation against the Southeast Asian nation for its criticism over Kashmir and sheltering of wanted Islamic preacher Zakir Naik.
At least three importers said the uncertainty in bilateral relations had forced them to consider alternatives, while a government source who handles India’s trade ties with Southeast Asia struck a note of caution despite saying there was no official word on import curbs yet.
“Anything can happen. Maybe some restrictions will be imposed,” said the source, who did not want to be named as he was not authorised to speak on the matter.
B.V. Mehta, executive director of lobbying group the Solvent Extractors’ Association of India, which represents more than 875 businesses with a combined oil processing capacity of 30 million tonnes, said the Indian government was deeply upset with what officials saw as hostile comments from the Malaysians and would take action in response, “but what type of action is still not clear”.
“Just to safeguard business interests, most refiners and importers have moved from [buying from] Malaysia to Indonesia. After all, the price of palm oil from Indonesia is the same,” he said.
......
Gautam

Cain Marko
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Re: India and ASEAN / East Asia

Postby Cain Marko » 21 Oct 2019 10:47

"How to shoot yourself in the foot and then put that foot in your mouth" by Muhammad Mahathir

g.sarkar
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Re: India and ASEAN / East Asia

Postby g.sarkar » 28 Oct 2019 06:04

https://asia.nikkei.com/Politics/Kashmi ... -oil-trade
Indian anger at Malaysia's Kashmir stance threatens palm oil trade
Mahathir's 'unprovoked' and 'unacceptable' remarks prompt talk of boycott

KIRAN SHARMA, Nikkei staff writer, OCTOBER 26, 2019
NEW DELHI -- India has blasted Malaysia and Turkey for openly supporting its archrival Pakistan on the issue of Kashmir, a Muslim-majority region whose special status was scrapped in August by the government of Prime Minister Narendra Modi.
Amid reports that New Delhi is contemplating trade curbs against the two countries, an influential trade group in India asked its members recently to refrain from importing Malaysian palm oil, in their own interest and as a mark of solidarity with the government.
"The recent developments pertaining to strained relations between our nation and Malaysia have put a lot of responsibility on our industry in view of [the] huge imports of palm oil from that country," said Atul Chaturvedi, president of the Solvent Extractors' Association of India, in an advisory to members.
"Our government has not taken kindly to the unprovoked pronouncements by the Malaysian prime minister, and [it] is contemplating some retaliatory action. It would be [fitting], as a responsible Indian vegetable oil industry, [to] avoid purchasing palm oil from Malaysia till such time as clarity on the way forward emerges from the Indian government," Chaturvedi said.
The association, with 875 members, can process up to 30 million tons of oil seed annually. India is the world's largest buyer of vegetable oils, importing about 9.5 million tons of palm oil per year: 6.5 million tons from Indonesia and 3 million tons from Malaysia.
Elaborating on the advisory, the association's executive director, B.V. Mehta, told the Nikkei Asian Review that it was issued because the trade group feared India may take retaliatory action in the wake of the current tensions with Malaysia that could affect the import of palm oil from the Southeast Asian country.
"We told [our members] to be careful," he said. "If they are buying palm oil from Malaysia, there could be some trouble at a later date [if] the government of India changes its policy." Raveesh Kumar, a spokesman for India's Foreign Ministry, told a media briefing on Thursday that he was not aware of any government decision on retaliation. "In any case," Kumar said, "I think it is important to understand that the decision to import any commodity or otherwise is the prerogative of the importing company. But at the same time, they are not impervious to the state of affairs between any two countries."
.....
Gautam


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