AGL 40.10 Increased By ▲ 0.10 (0.25%)
AIRLINK 130.70 Increased By ▲ 1.17 (0.9%)
BOP 6.79 Increased By ▲ 0.11 (1.65%)
CNERGY 4.60 Decreased By ▼ -0.03 (-0.65%)
DCL 8.97 Increased By ▲ 0.03 (0.34%)
DFML 43.02 Increased By ▲ 1.33 (3.19%)
DGKC 84.15 Increased By ▲ 0.38 (0.45%)
FCCL 33.04 Increased By ▲ 0.27 (0.82%)
FFBL 78.07 Increased By ▲ 2.60 (3.45%)
FFL 11.91 Increased By ▲ 0.44 (3.84%)
HUBC 110.83 Increased By ▲ 0.28 (0.25%)
HUMNL 14.56 No Change ▼ 0.00 (0%)
KEL 5.62 Increased By ▲ 0.23 (4.27%)
KOSM 8.26 Decreased By ▼ -0.14 (-1.67%)
MLCF 39.83 Increased By ▲ 0.04 (0.1%)
NBP 60.80 Increased By ▲ 0.51 (0.85%)
OGDC 200.05 Increased By ▲ 0.39 (0.2%)
PAEL 26.55 Decreased By ▼ -0.10 (-0.38%)
PIBTL 7.80 Increased By ▲ 0.14 (1.83%)
PPL 160.59 Increased By ▲ 2.67 (1.69%)
PRL 26.75 Increased By ▲ 0.02 (0.07%)
PTC 18.60 Increased By ▲ 0.14 (0.76%)
SEARL 83.02 Increased By ▲ 0.58 (0.7%)
TELE 8.23 Decreased By ▼ -0.08 (-0.96%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 9.10 Increased By ▲ 0.04 (0.44%)
TREET 17.00 Decreased By ▼ -0.47 (-2.69%)
TRG 60.30 Decreased By ▼ -1.02 (-1.66%)
UNITY 27.81 Increased By ▲ 0.38 (1.39%)
WTL 1.42 Increased By ▲ 0.04 (2.9%)
BR100 10,570 Increased By 163.2 (1.57%)
BR30 31,952 Increased By 238.6 (0.75%)
KSE100 98,642 Increased By 1313.4 (1.35%)
KSE30 30,715 Increased By 522.4 (1.73%)

A European Union proposal to limit the use of palm oil lacks comprehensive scientific evidence and breaches global trade rules, Malaysia's marketing agency for the edible oil said on Friday. Malaysia, the world's second largest palm oil-producing country, which accounts for two-fifths of global production, has along with world number one Indonesia and other producing countries challenged the EU move announced in January last year.
The European Commission wants to phase out the use of palm oil in motor fuel because it says its cultivation leads to deforestation. The move is part of the EU's bid to achieve its climate goals. Interested parties were allowed to provide feedback starting from Friday. The EU executive wants to finalise the Act on March 14, after which the European Parliament will have two months to review and potentially object to the plan.
The Commission failed to do an impact assessment of the curbs in the EU and on trade, and used selectively chosen or assumed data, according to a document submitted by the Malaysian Palm Oil Council (MPOC) to the EU and seen by Reuters. The proposal "is not based on sound, accurate and comprehensive scientific evidence... thereby jeopardising the methodological approach and the conclusions reached," the paper said.
The document also criticised the 2008-2016 reference period the EU used to conduct its scientific modelling, saying it had been intentionally selected to show disproportionate growth in palm oil compared to other crops like wheat, maize and soybeans.

Copyright Reuters, 2019

Comments

Comments are closed.