The UK will not be over supplied with Malaysian palm oil: Grain market daily

As outlined last week, there is an agreement in principle for the UK to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). As one of the largest free trade agreements in the world, it facilitates trade between members by harmonising regulations and reducing tariffs, full information and an overview of this agreement can be read in this article here. There has been some press coverage in recent days suggesting that palm oil will see a change in trade patterns, so we have reviewed the evidence to counter this view. The new deal is unlikely to see a change in trade patterns. Nine out of the eleven other members in this trading block already have an existing trade deal with the UK, apart from Malaysia and Brunei. So, the main implication of joining this block for the UK oilseed market will be dropping the (up to) 12% tariff that is applied to palm oil imports. With Malaysia being the second largest global producer and exporter of palm oil, after only Indonesia, ...