Malaysia secures preferential market access for sustainable palm oil

Malaysia has secured preferential market access and strong international recognition for its sustainable palm oil through the signing of the Malaysia-European Free Trade Association (Efta) Economic Partnership Agreement (Meepa). The agreement, signed on June 23, marks a significant milestone in Malaysia’s trade relations with Efta member states, Switzerland, Norway, Iceland and Liechtenstein, and further strengthens bilateral cooperation on sustainability. According to Plantation and Commodities Ministry, under Meepa, Malaysian palm oil exporters will benefit from reduced import tariffs via a tariff rate quota mechanism, with reductions ranging from 20 to 40 per cent, depending on the product category. “Importantly, Malaysian Sustainable Palm Oil (MSPO) certification is a mandatory condition for exporters seeking to qualify for these reduced tariffs, placing the national sustainability standard at the heart of Malaysia’s trade framework with Efta,” it said in a statement. A joint ...