16 January, 2020
2 Min Read
Syllabus subtopic: India and its neighbourhood- relations.
Prelims and Mains focus: about the move to curb imports from Malaysia and its impact on trade relations between the two countries
News: Trade tensions between India and Malaysia have aggravated with the Narendra Modi government’s latest move to restrict palm oil imports from the latter.
India has a trade deficit of $4.4 billion with Malaysia in FY19. Malaysia’s palm oil exports to India grew 73% in January-November 2019.
What’s the backdrop for the stand-off?
What measures has India taken so far?
How do India’s import curbs impact Malaysia?
Palm oil is crucial for the Malaysian economy as it accounts for 2.8% of gross domestic product and 4.5% of total exports. State-owned and private Malaysian refineries will likely have to scramble to find new buyers for their refined product. Malaysia is the world’s second-largest producer of palm oil after Indonesia.
Where does Malaysia stand on trade ties?
How has Malaysia reacted to the curbs?
Mahathir has expressed concern over India’s move to restrict import of palm oil from his country, while insisting that he would continue to speak up. Meanwhile, Malaysian Trades Union Congress, members of which include palm workers, has urged the two countries to resolve the matter through talks.
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