World: Crucial 2024 likely for palm oil industry

Published Dec 13, 2023

Tridge summary

The Council of Palm Oil Producing Countries (CPOPC) is anticipating challenges in 2024 due to the new European Union Deforestation-Free Regulation (EUDR) and other new legislations, particularly the forced labour legislation, which will impact foreign workers in Malaysia and Indonesia. CPOPC deputy secretary general, Datuk Nageeb Wahab, emphasized the need to address negative perceptions towards palm oil, especially in Europe where palm oil faces entry barriers in competition with subsidised rapeseed, canola, and soybean. Despite declining exports to the European market, CPOPC remains optimistic about the palm oil industry's prospects, with increasing domestic consumption in Indonesia and sustained demand in key markets like India, China, and Pakistan.

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Original content

The Council of Palm Oil Producing Countries (CPOPC) views 2024 to be a critical year for the palm oil industry, underpinned by the upcoming enforcement of the new European Union Deforestation-Free Regulation (EUDR) as well as other new legislations. CPOPC deputy secretary general Datuk Nageeb Wahab said the main challenge confronting the palm oil industry remains to be on addressing the negative perceptions towards the commodity and the imminent implementation of a new legislation, namely the forced labour legislation, as an upcoming regulatory concern. “The forced labour legislation is even more impactful to us because we have foreign workers in Malaysia. It also affects Indonesia which has workers who are migrating from one region to another,” he said during a media briefing on the challenges and opportunities of the palm oil industry in 2024. Nageeb said the main challenge is on addressing the negative perceptions surrounding palm oil. “In Europe, rapeseed, canola and soybean ...

Source: UkrAgroConsult