Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Malaysia could curb French purchases if palm oil use restricted

Published 01/23/2019, 07:39 AM
Updated 01/23/2019, 07:40 AM
© Reuters.  Malaysia could curb French purchases if palm oil use restricted

By Emily Chow and Joseph Sipalan

KUALA LUMPUR (Reuters) - Malaysia will consider laws to restrict imports of French products if Paris does not withdraw plans to curb the use of palm oil in biofuels, Prime Minister Mahathir Mohamad said in a letter to French President Emmanuel Macron.

French lawmakers last month voted to remove palm oil from the country's biofuel scheme as of 2020, following longstanding concerns about the environmental impact of the crop that is mainly produced in Indonesia and Malaysia.

Palm oil is used as feedstock for the making of biodiesel, as well as in everything from cookies and soap to lipstick. Environmental groups say the palm oil industry causes deforestation, as well as the displacement of wildlife and indigenous communities.

Palm oil is a key source of revenue for Malaysia, which is the second biggest exporter of the vegetable oil.

In the letter to Macron dated Jan. 8, Mahathir called on the French leader to reject the proposed ban on palm oil in biofuels, adding the trade relationship between the two countries depended on mutual respect for each other's commodities.

"Failing in that mutual respect will force Malaysia to look at actions, including, but not limited to, suspension of EU-Malaysia free trade talks and the imposition of like-minded legislation against French exports," Mahathir said in the letter, a copy of which was seen by Reuters on Wednesday.

France's move could lead to "regrettable economic and trade consequences" for Malaysian exporters of palm oil and French exporters, Mahathir said.

A spokesman for Mahathir's office confirmed the veracity of the letter and said the letter was sent via diplomatic channels.

Primary industries minister Teresa Kok also confirmed the authenticity of the letter.

An official at the French presidency said it was looking into the matter.

Bilateral trade between the two countries totaled 3.87 billion euros ($4.4 billion )in 2017, Mahathir said in the letter.

Mahathir, who was elected to power in May last year, said the French move to limit palm oil use was discriminatory and that the vegetable oil was not responsible for deforestation.

France's plan to limit palm oil use followed a move by European lawmakers last year to back measures to limit the use of palm oil in biofuels, ahead of an eventual ban in 2030.

Indonesia and Malaysia jointly produce 90 percent of the world's palm oil.

($1 = 0.8800 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.