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DAILY NEWS ANALYSIS

  • 26 September, 2022

  • 5 Min Read

Alliance for Asian Palm Oil

Alliance for Asian Palm Oil

  • The Asian Palm Oil Alliance (APOA) is made up of the top industry associations for the five biggest Asian importers of palm oil: India, Pakistan, Sri Lanka, Bangladesh, and Nepal.
  • The APOA held its first general body meeting in conjunction with the Globoil Summit in Agra, India, and the following gathering is anticipated to take place in Indonesia in early 2023.
  • One of the World's Leading Edible Oils and Agri Trade Conference, Exhibitions & Awards is the Globoil Summit.
  • Additionally, Globoil India will celebrate its 25th anniversary in 2022.

What is APOA?

  • The APOA works to increase palm oil consumption in its member nations while also preserving the economic and commercial interests of palm oil-consuming nations.
  • The coalition would aim to change the stigma associated with palm oil and promote it as a premium, affordable, and healthful vegetable oil.
  • Companies or trade associations involved in the production or refinement of palm oil across the continent would be allowed to join APOA.

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About palm oil

  • The vegetable oil that worldwide most people use is palm oil.
  • It is important for the creation of detergents, plastics, cosmetics, and biofuels, it plays a significant role.
  • Together, Indonesia and Malaysia produce over 90% of the world's palm oil, with Indonesia producing the most—more than 45 million tonnes in 2021.
  • Leading consumers of the good are the European Union, China, and India (EU).
  • Around 13–14 million tonnes (MT) of edible oil are imported into India each year.
  • While other oils, such soy and sunflower, are imported from Argentina, Brazil, Ukraine, and Russia, only about 8 MT of palm oil is brought in from Indonesia and Malaysia.
  • Around 40% of the world's palm oil is consumed in Asia, whereas just 12% is traded in Europe. The two countries that export the most palm oil worldwide are Indonesia and Malaysia.
  • With 15% of the world's imports, India is Asia's top importer of palm oil, followed by China (9%), Pakistan (4%) and Bangladesh (2%).

Read Also: National Food Security Mission

Source: The Financial Express


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