AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Business & Finance

WTO accepts Malaysia's request to examine EU palm oil rules

  • The trade source, who attended the meeting on Friday, confirmed the decision to set up the panel. The source declined to be named because of the sensitivity of the matter.
Published May 31, 2021

KUALA LUMPUR: The World Trade Organisation (WTO) agreed to a request from Kuala Lumpur to establish a panel examining a European Union law that restricts the use of palm oil-based biofuels, Malaysia's government and a Geneva-based trade source said on Monday.

Under the EU's renewable energy directive, palm oil-based fuels are to be phased out by 2030, since palm oil has been classified by the bloc as resulting in excessive deforestation and can no longer be considered a renewable transport fuel.

Palm oil producers say some EU member states have started to phase it out ahead of the deadline.

Malaysia, the world's second-largest palm oil producer, and bigger rival Indonesia, have in recent years launched separate cases with the WTO, saying the EU measures are discriminatory.

"Malaysia will remain committed to pursuing legal action against the EU," Malaysia's Commodities Minister Mohd Khairuddin Aman Razali said.

Malaysia and Indonesia together produce 85% of the world's palm oil.

In a statement, Mohd Khairuddin said the WTO on Friday acceded to a second request from Malaysia that a panel be set up. The application was made since consultations with the EU on March 17 failed to yield a solution, he said.

The trade source, who attended the meeting on Friday, confirmed the decision to set up the panel. The source declined to be named because of the sensitivity of the matter.

At the closed-door meeting, an EU representative said its measures were fully justified and expressed confidence in prevailing during the proceedings, according to the source.

WTO panels typically deliberate for about six months before sending their findings to members. Any decision can be appealed.

Comments

Comments are closed.