BanglaHunt Desk: The Government of India has taken a big decision regarding palm oil. According to the decision, the Indian government stopped importing more than 300,000 tonnes of refined palm oil. The decision was taken by the Government of India with a focus on South Asian Free Trade Agreements.
The Indian government blocked the import of palm oil
Based on the decision on palm oil, India has so far not required Nepal and Bangladesh to pay any import duty for the sale of palm oil. But at present India is reluctant to violate any rules regarding free trade in South Asia. Because Nepal and Bangladesh did not produce palm oil as per the urgent conditions of this agreement. That is why the Indian government has been forced to take drastic measures like oil exports.
Imports of goods including palm oil, spices and tires
The various countries included in the SAFTA agreement pay much lower import tariffs for goods imported from other countries, while no country imports duty-free. So far no import duty has been levied on various items including palm oil, spices and tires.
India against profit greed
Problems arise in goods imported from these countries. Because those countries did not produce those things themselves. But greedy traders tried to sell their goods in India through these countries. So that they can get exemption from import duty.
But now the Indian government has stopped importing refined oil. As a result, there is an opportunity to increase the production capacity of domestic refined oil. According to various Indian businessmen, the move was necessary to prevent violations of South Asian free trade rules for many years. Otherwise, some greedy people were harming India. It is hoped that India will become self-sufficient in the Corona crisis.