India's Palm Oil "Ban?"
The biggest news on the global palm oil industry for 2020 is India’s reported “ban” on palm oil imports.
The “ban” was first reported by Reuters on January 08, 2020:
The “ban” was first reported by Reuters on January 08, 2020:
Which was updated on the same day from a “ban” to “restricted.”
So what really happened?
In order to understand what really took place, we have to dial back a few months into 2019. Malaysia, which relies on Indian imports of palm oil to support its export driven palm oil industry, spoke up on two key situations taking place in India.
Aljazeera reported in October 2019, that the Indian government was considering the “restrictions” of imports from Malaysia due to the latter government’s statements on Kashmir. This led to a short slump in Indian orders for Malaysian palm oil which jumped when India reduced tariffs on palm oil imports in December 2019.
This was a short lived gain for Malaysian exports to India as Malaysian Prime Minister’s statement on India’s new citizenship law caused another backlash against Malaysian palm oil.
The statements from Malaysia’s Prime Minister on India’s internal policies continues to be portrayed as the reason behind the reported “bans” or “urged boycotts” according to Reuters.
The Malaysian Minister of Primary Industries, Teresa Kok, which oversees the palm oil industry in Malaysia has meanwhile spoken up on the “boycott of Malaysian palm oil by India.” She was quoted in local media as saying:
“What boycott? They just want us (Malaysia) to export more crude palm oil and reduce the export of refined palm oil.”
What the minister said is basically the fact behind the “ban” or “boycott” of Malaysian palm oil. In order to understand the justifications behind Minister Kok’s statement, we would have to dial back to late 2019 when the Indian government reduced import taxes on palm oil.
This move was severely criticized by Indian refiners of palm oil as a “death knell” for local jobs.
In what can only be seen as protecting Indian jobs, the move to restrict palm oil imports from “free” to “restricted” has been celebrated by Indian refiners as reported by Indian media TheRahnuma or CNBC.
This is not much different from the French decision to “restrict” palm oil as a feedstock for energy provider Total in order to protect the rapeseed industry in France. Both the Indian and French decisions sought to protect local industries and jobs. In the case of Indian versus Malaysian jobs, the Indian industry in refining palm oil is obviously the winner with the losers as Malaysians in the refining industry.
Then again, there are winners in Malaysia from India’s move to restrict refined palm oil. These would be the small farmers who number in the hundreds of thousands and stand to gain from an increase in India’s import of Crude Palm Oil, which is not restricted.
Politics and Palm Oil
India’s actions as a major importer of palm oil is a refreshing look at how politics influences the global vegetable oil industries. Whereas the EU has tried to hide its protectionist policies behind environmental concerns, India has been blatant that local jobs are equally important as affordable cooking oils for the masses.
The most interesting development to watch in 2020, will be how India will respond to Nepal’s palm oil industry. Will Nepal obtain an exemption as this report suggests with preferential import licenses? Resource poor but important politically to India, the issues around its commodities exports to India is well covered by Business Editor for The Kathmandu Times, Sangam Prasain.
In the meantime, “sugar” politics might change where India buys its palm oil from. Malaysia is looking to sooth over the political row with palm oil for sugar as Indonesia drags its feet on sugar imports from India.
This is a challenge for the sustainability of the palm oil industry in Malaysia and Indonesia, both of which are fighting to maintain their market share in India. It may be hard for some readers to understand how sugar plays a part in palm oil or how regional politics in Indian-Nepalese relationships affects the industry but as this old article from The Guardian stated, “ Without India, you can forget about achieving a sustainable palm oil sector.”
Published January 13, 2020. CSPO Watch. For updated developments on India's trade policies on palm oil, please see news links below.
Update December 19, 2020. Middle East still complex for India’s foreign policy
The establishment of direct relations with Israel by some Arab countries is widely considered to provide leverage for India, which now may not need to maintain a diplomatic balance between the Arab world and Israel.
India’s interest lies in maintaining friendly ties with both sides because the Persian Gulf countries are among its major trade partners and also the source of external supplies to fulfill its huge demand for petroleum, while Israel is a key ally in defense and technological cooperation. AsiaTimes
Update May 19, 2020. MUMBAI/SINGAPORE (Reuters) - Exclusive: India resumes purchases of Malaysian palm oil - traders
Indian buyers have resumed purchases of Malaysian palm oil after a four-month gap following a diplomatic row, with buying spurred by a fall in domestic inventories and discounted prices, trade sources said. REUTERS
Update May 15, 2020. MUMBAI (May 15): Malaysia has contracted to import a record 100,000 tonnes of rice from India for shipment this month and next, four industry officials told Reuters, in a further sign of improving trade relations between the countries after a diplomatic spat. TheEdgeMarkets
- In light of the economic difficulties faced by both Malaysia and India in 2020 due to Covid19, will this be sufficient for India to ease its import restrictions on Malaysian palm oil? It would appear that India has one final demand from Malaysia, the extradition of the controversial Zakir Naik. News reports show that India has made a formal request to Malaysia for the extradition of the controversial Islam preacher.
Update March 11, 2020. MUMBAI, March 11 (Reuters) - India’s exports of sugar to Malaysia so far in 2020 have nearly tripled over the figure for all of last year, as Kuala Lumpur steps up purchases to placate New Delhi in a trade dispute that halted its palm oil exports to India, trade officials said.The record buying could also help India, the world’s biggest producer of sugar, to cut stockpiles that are squeezing domestic prices. Reuters
Update Mar 07, 2020. An excellent analysis of politics and how India is using quiet actions to establish its political stance. Read full analysis by Niranjan Marjani in TheDiplomat
Update comment. Mar 05, 2020. Today's news report from Reuters confirms that India's ban on Malaysian palm oil is a political masterstroke.
"But political rhetoric alone will not restore full Malaysian palm oil flows to top market India any time soon, traders say: Palm prices within India are still too high relative to rival oils to encourage a sharp uptick in wholesale demand."
The report quotes Indian traders as saying the price differential between Malaysian palm oil and soy was not enough of an incentive to reignite Malaysian imports. How is this a political masterstroke? Within the maneuverings of the Indian government via the issue of "unofficial positions including the denial of any discrimination against Malaysian palm oil," the Indian government has managed to achieve political gains in:
1. Appeasing Indian electorate with an informal protest against Malaysia's statements on Muslim rights.
2. Appeased the very vocal local refining industry in the Solvent Extractors Association albeit for a short while.
3. Flexed its considerable economical muscle to warn off trading partners from meddling with India's internal political issues.
4. Affirmed its support for politically important neighbors in Nepal and Bangladesh.
5. Maintained its trade deal with Malaysia before the issue could become contentious.
6. Assured the electorate that their cost of living is high on the government's mandate by now, of all things, suggesting that Malaysia, with its favored trade status, should price Malaysian refined palm oil lower than soy if Malaysia is to hope to gain back market volume.
Well played India. Well played.
Update May 15, 2020. MUMBAI, May 15 (Reuters) - Malaysia has contracted to import a record 100,000 tonnes of rice from India for shipment this month and next, four industry officials told Reuters, in a further sign of improving trade relations between the countries after a diplomatic spat. Agriculture.com
- How firm will India stand on its request to extradite Zakir Naik from Malaysia before it considers easing import restrictions on Malaysian palm oil?
Update Mar 03, 2020. News reports that India will not extend the extra 5% duty on Malaysian palmolein seem to indicate a thawing out of relationships as AgriCensus headlined. It should be noted here that the extra duty may be a moot point as India has not issued any licenses to allow importation of refined palm oil from Malaysia. Import licenses for refined palm oil have already been issued to Indonesia, Bangladesh and Nepal. Meanwhile, Malaysian politicians are urging India to rethink the ban as there has been a change in government in Malaysia.
Update Feb 26, 2020. Will "sugar" politics make the final decision on India's palmolein imports? Malaysia, through FGV had stated it would ramp up sugar imports from India to balance the trade between the two countries. However, with a consumer base that is one-tenth that of Indonesia's, Indonesia holds the upper hand in this potential commodities swap. For a more in-depth look, read this news brief from M.R. Subramani as published in Swarajya.
Update Feb 21, 2020. Bangladesh. India has issued about 70 licences for importing about five lakh tonnes of refined palm oil from three countries -- Bangladesh, Nepal and Indonesia, sources said. TheDailyStar
Update Feb 21, 2020. Govt urged to review decision. Miffed at the government’s decision to allot licences for import of 1.1 million tonnes of refined palm oil, India's domestic edible oil industry has expressed dismay over the inconsistency in government policy. It has sought a review of the decision. TheHinduBusinessLine
Update Feb 20, 2020. MUMBAI/NEW DELHI — India has issued import licenses for 1.1 million tonnes of refined palmolein from Indonesia, government and trade sources told Reuters, a move that has surprised the industry as only last month New Delhi restricted imports of the commodity. FinancialPost
Update Feb 12, 2020. MUMBAI/KOLKATA, Feb 12 (Reuters) - India, which restricted imports of refined palm oil and palmolein in January, has exempted Nepal and has started issuing licences to import some refined palmolein from the Himalayan nation, two government officials told Reuters. YahooNews
Update Feb 07, 2020. No proposal to impose restriction on Malaysian imports currently, says Piyush Goyal.
There is no proposal to impose a restriction on import of any item from Malaysia currently, Parliament was informed on Friday. Commerce and Industry Minister Piyush Goyal said that currently, crude palm oil is freely importable while refined palm oil has been put under the restricted category. But, this restriction is applicable for imports from all countries, he said. FinancialExpress
Update Feb 06, 2020. Malaysia's Mahathir has toned down criticism of India after palm backlash, says Anwar.
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad has dialled back his criticism of India after it sparked a boycott of Malaysian palm oil, his chosen successor Anwar Ibrahim told Reuters on Thursday, urging New Delhi to note the change in tone. Reuters
Update Feb 05, 2020. Kathmandu- India seems to be positive about resuming the trade of refined palm oil from Nepal.Officials at the Ministry of Industry, Commerce and Supplies (MoICS) informed that the Indian authorities are willing to allow Indian traders to import refined palm oil from Nepal, which has been halted since January 10. TheHimalayanTimes
Update Feb 04, 2020. KUALA LUMPUR (Reuters) - Malaysia said on Tuesday that India’s move to cut back on palm oil purchases from the Southeast Asian nation is “temporary” and will be resolved amicably between the two nations. Reuters
Update Jan 29, 2020. India's imports of palm oil dynamics of the trade with Malaysia.
While curbing oil imports has been under discussion since the Budget presented n July 2019, the move has been construed as retaliation against Malaysia's PM, who has criticized India's internal policy decisions. IndianExpress
Update Jan 28, 2020. Indian government official singles out Malaysian palm oil by excluding it from import licenses for refined palm oil. TheHinduBusinessOnline
Update Jan 27, 2020. New Delhi, Jan 27 (PTI) Edible oils trade body SEA on Monday urged the government not to allow import of palm oils at zero duty from Nepal under the SAFTA pact, saying it will affect the domestic refining industry. The Solvent Extractors Association of India (SEA) has made a representation in this regard to Commerce Minister Piyush Goyal. OutlookIndia
Update Jan 25, 2020. KATHMANDU, Jan 25: The government is sending a high level delegation team to request the Indian government to rethink on its decision to restrict palm oil that was being exported from Nepal. Palm oil was 24% of Nepal's export earnings in five months, giving respite to Nepal's huge trade deficit. MyRepublikaNagarik
Update Jan 24, 2020. KUALA LUMPUR/NEW DELHI (Reuters) - Indonesia has agreed to immediately increase imports of Indian buffalo meat, sugar and auto parts after India boosted purchases of Indonesian palm oil amid a spat with rival supplier Malaysia, two Indian government sources with direct knowledge of the matter told Reuters on Friday. Reuters
Update Jan 23, 2020. India's unilateral decision on palm oil restrictions leaves Bangladeshi exports in a tight spot. Exporters claim a violation of the South Asian Free Trade Area (SAFTA) which unfortunately does not have the logistics to handle the special "license to import" that India introduced. TheFinancialExpressBD
Update Jan 23, 2020. KUALA LUMPUR (Reuters) - Malaysia’s top sugar refiner said it will increase purchases of the commodity from India, which according to two sources is part of efforts to placate New Delhi amid an ongoing spat over palm oil imports. Reuters
Update Jan 16, 2020. NEW DELHI: Commerce and industry minister Piyush Goyal on Thursday said that neither has India imposed nor is contemplating any curbs on imports from Malaysia or Turkey as it believes in fair play and equal terms for all trading partners and if curbs are imposed, they apply to all countries.
Read more at:
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-minister-says-not-put-curbs-on-imports-from-malaysia-turkey/articleshow/73298776.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
In order to understand what really took place, we have to dial back a few months into 2019. Malaysia, which relies on Indian imports of palm oil to support its export driven palm oil industry, spoke up on two key situations taking place in India.
Aljazeera reported in October 2019, that the Indian government was considering the “restrictions” of imports from Malaysia due to the latter government’s statements on Kashmir. This led to a short slump in Indian orders for Malaysian palm oil which jumped when India reduced tariffs on palm oil imports in December 2019.
This was a short lived gain for Malaysian exports to India as Malaysian Prime Minister’s statement on India’s new citizenship law caused another backlash against Malaysian palm oil.
The statements from Malaysia’s Prime Minister on India’s internal policies continues to be portrayed as the reason behind the reported “bans” or “urged boycotts” according to Reuters.
The Malaysian Minister of Primary Industries, Teresa Kok, which oversees the palm oil industry in Malaysia has meanwhile spoken up on the “boycott of Malaysian palm oil by India.” She was quoted in local media as saying:
“What boycott? They just want us (Malaysia) to export more crude palm oil and reduce the export of refined palm oil.”
What the minister said is basically the fact behind the “ban” or “boycott” of Malaysian palm oil. In order to understand the justifications behind Minister Kok’s statement, we would have to dial back to late 2019 when the Indian government reduced import taxes on palm oil.
This move was severely criticized by Indian refiners of palm oil as a “death knell” for local jobs.
In what can only be seen as protecting Indian jobs, the move to restrict palm oil imports from “free” to “restricted” has been celebrated by Indian refiners as reported by Indian media TheRahnuma or CNBC.
This is not much different from the French decision to “restrict” palm oil as a feedstock for energy provider Total in order to protect the rapeseed industry in France. Both the Indian and French decisions sought to protect local industries and jobs. In the case of Indian versus Malaysian jobs, the Indian industry in refining palm oil is obviously the winner with the losers as Malaysians in the refining industry.
Then again, there are winners in Malaysia from India’s move to restrict refined palm oil. These would be the small farmers who number in the hundreds of thousands and stand to gain from an increase in India’s import of Crude Palm Oil, which is not restricted.
Politics and Palm Oil
India’s actions as a major importer of palm oil is a refreshing look at how politics influences the global vegetable oil industries. Whereas the EU has tried to hide its protectionist policies behind environmental concerns, India has been blatant that local jobs are equally important as affordable cooking oils for the masses.
The most interesting development to watch in 2020, will be how India will respond to Nepal’s palm oil industry. Will Nepal obtain an exemption as this report suggests with preferential import licenses? Resource poor but important politically to India, the issues around its commodities exports to India is well covered by Business Editor for The Kathmandu Times, Sangam Prasain.
In the meantime, “sugar” politics might change where India buys its palm oil from. Malaysia is looking to sooth over the political row with palm oil for sugar as Indonesia drags its feet on sugar imports from India.
This is a challenge for the sustainability of the palm oil industry in Malaysia and Indonesia, both of which are fighting to maintain their market share in India. It may be hard for some readers to understand how sugar plays a part in palm oil or how regional politics in Indian-Nepalese relationships affects the industry but as this old article from The Guardian stated, “ Without India, you can forget about achieving a sustainable palm oil sector.”
Published January 13, 2020. CSPO Watch. For updated developments on India's trade policies on palm oil, please see news links below.
Update December 19, 2020. Middle East still complex for India’s foreign policy
The establishment of direct relations with Israel by some Arab countries is widely considered to provide leverage for India, which now may not need to maintain a diplomatic balance between the Arab world and Israel.
India’s interest lies in maintaining friendly ties with both sides because the Persian Gulf countries are among its major trade partners and also the source of external supplies to fulfill its huge demand for petroleum, while Israel is a key ally in defense and technological cooperation. AsiaTimes
Update May 19, 2020. MUMBAI/SINGAPORE (Reuters) - Exclusive: India resumes purchases of Malaysian palm oil - traders
Indian buyers have resumed purchases of Malaysian palm oil after a four-month gap following a diplomatic row, with buying spurred by a fall in domestic inventories and discounted prices, trade sources said. REUTERS
Update May 15, 2020. MUMBAI (May 15): Malaysia has contracted to import a record 100,000 tonnes of rice from India for shipment this month and next, four industry officials told Reuters, in a further sign of improving trade relations between the countries after a diplomatic spat. TheEdgeMarkets
- In light of the economic difficulties faced by both Malaysia and India in 2020 due to Covid19, will this be sufficient for India to ease its import restrictions on Malaysian palm oil? It would appear that India has one final demand from Malaysia, the extradition of the controversial Zakir Naik. News reports show that India has made a formal request to Malaysia for the extradition of the controversial Islam preacher.
Update March 11, 2020. MUMBAI, March 11 (Reuters) - India’s exports of sugar to Malaysia so far in 2020 have nearly tripled over the figure for all of last year, as Kuala Lumpur steps up purchases to placate New Delhi in a trade dispute that halted its palm oil exports to India, trade officials said.The record buying could also help India, the world’s biggest producer of sugar, to cut stockpiles that are squeezing domestic prices. Reuters
Update Mar 07, 2020. An excellent analysis of politics and how India is using quiet actions to establish its political stance. Read full analysis by Niranjan Marjani in TheDiplomat
Update comment. Mar 05, 2020. Today's news report from Reuters confirms that India's ban on Malaysian palm oil is a political masterstroke.
"But political rhetoric alone will not restore full Malaysian palm oil flows to top market India any time soon, traders say: Palm prices within India are still too high relative to rival oils to encourage a sharp uptick in wholesale demand."
The report quotes Indian traders as saying the price differential between Malaysian palm oil and soy was not enough of an incentive to reignite Malaysian imports. How is this a political masterstroke? Within the maneuverings of the Indian government via the issue of "unofficial positions including the denial of any discrimination against Malaysian palm oil," the Indian government has managed to achieve political gains in:
1. Appeasing Indian electorate with an informal protest against Malaysia's statements on Muslim rights.
2. Appeased the very vocal local refining industry in the Solvent Extractors Association albeit for a short while.
3. Flexed its considerable economical muscle to warn off trading partners from meddling with India's internal political issues.
4. Affirmed its support for politically important neighbors in Nepal and Bangladesh.
5. Maintained its trade deal with Malaysia before the issue could become contentious.
6. Assured the electorate that their cost of living is high on the government's mandate by now, of all things, suggesting that Malaysia, with its favored trade status, should price Malaysian refined palm oil lower than soy if Malaysia is to hope to gain back market volume.
Well played India. Well played.
Update May 15, 2020. MUMBAI, May 15 (Reuters) - Malaysia has contracted to import a record 100,000 tonnes of rice from India for shipment this month and next, four industry officials told Reuters, in a further sign of improving trade relations between the countries after a diplomatic spat. Agriculture.com
- How firm will India stand on its request to extradite Zakir Naik from Malaysia before it considers easing import restrictions on Malaysian palm oil?
Update Mar 03, 2020. News reports that India will not extend the extra 5% duty on Malaysian palmolein seem to indicate a thawing out of relationships as AgriCensus headlined. It should be noted here that the extra duty may be a moot point as India has not issued any licenses to allow importation of refined palm oil from Malaysia. Import licenses for refined palm oil have already been issued to Indonesia, Bangladesh and Nepal. Meanwhile, Malaysian politicians are urging India to rethink the ban as there has been a change in government in Malaysia.
Update Feb 26, 2020. Will "sugar" politics make the final decision on India's palmolein imports? Malaysia, through FGV had stated it would ramp up sugar imports from India to balance the trade between the two countries. However, with a consumer base that is one-tenth that of Indonesia's, Indonesia holds the upper hand in this potential commodities swap. For a more in-depth look, read this news brief from M.R. Subramani as published in Swarajya.
Update Feb 21, 2020. Bangladesh. India has issued about 70 licences for importing about five lakh tonnes of refined palm oil from three countries -- Bangladesh, Nepal and Indonesia, sources said. TheDailyStar
Update Feb 21, 2020. Govt urged to review decision. Miffed at the government’s decision to allot licences for import of 1.1 million tonnes of refined palm oil, India's domestic edible oil industry has expressed dismay over the inconsistency in government policy. It has sought a review of the decision. TheHinduBusinessLine
Update Feb 20, 2020. MUMBAI/NEW DELHI — India has issued import licenses for 1.1 million tonnes of refined palmolein from Indonesia, government and trade sources told Reuters, a move that has surprised the industry as only last month New Delhi restricted imports of the commodity. FinancialPost
Update Feb 12, 2020. MUMBAI/KOLKATA, Feb 12 (Reuters) - India, which restricted imports of refined palm oil and palmolein in January, has exempted Nepal and has started issuing licences to import some refined palmolein from the Himalayan nation, two government officials told Reuters. YahooNews
Update Feb 07, 2020. No proposal to impose restriction on Malaysian imports currently, says Piyush Goyal.
There is no proposal to impose a restriction on import of any item from Malaysia currently, Parliament was informed on Friday. Commerce and Industry Minister Piyush Goyal said that currently, crude palm oil is freely importable while refined palm oil has been put under the restricted category. But, this restriction is applicable for imports from all countries, he said. FinancialExpress
Update Feb 06, 2020. Malaysia's Mahathir has toned down criticism of India after palm backlash, says Anwar.
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad has dialled back his criticism of India after it sparked a boycott of Malaysian palm oil, his chosen successor Anwar Ibrahim told Reuters on Thursday, urging New Delhi to note the change in tone. Reuters
Update Feb 05, 2020. Kathmandu- India seems to be positive about resuming the trade of refined palm oil from Nepal.Officials at the Ministry of Industry, Commerce and Supplies (MoICS) informed that the Indian authorities are willing to allow Indian traders to import refined palm oil from Nepal, which has been halted since January 10. TheHimalayanTimes
Update Feb 04, 2020. KUALA LUMPUR (Reuters) - Malaysia said on Tuesday that India’s move to cut back on palm oil purchases from the Southeast Asian nation is “temporary” and will be resolved amicably between the two nations. Reuters
Update Jan 29, 2020. India's imports of palm oil dynamics of the trade with Malaysia.
While curbing oil imports has been under discussion since the Budget presented n July 2019, the move has been construed as retaliation against Malaysia's PM, who has criticized India's internal policy decisions. IndianExpress
Update Jan 28, 2020. Indian government official singles out Malaysian palm oil by excluding it from import licenses for refined palm oil. TheHinduBusinessOnline
Update Jan 27, 2020. New Delhi, Jan 27 (PTI) Edible oils trade body SEA on Monday urged the government not to allow import of palm oils at zero duty from Nepal under the SAFTA pact, saying it will affect the domestic refining industry. The Solvent Extractors Association of India (SEA) has made a representation in this regard to Commerce Minister Piyush Goyal. OutlookIndia
Update Jan 25, 2020. KATHMANDU, Jan 25: The government is sending a high level delegation team to request the Indian government to rethink on its decision to restrict palm oil that was being exported from Nepal. Palm oil was 24% of Nepal's export earnings in five months, giving respite to Nepal's huge trade deficit. MyRepublikaNagarik
Update Jan 24, 2020. KUALA LUMPUR/NEW DELHI (Reuters) - Indonesia has agreed to immediately increase imports of Indian buffalo meat, sugar and auto parts after India boosted purchases of Indonesian palm oil amid a spat with rival supplier Malaysia, two Indian government sources with direct knowledge of the matter told Reuters on Friday. Reuters
Update Jan 23, 2020. India's unilateral decision on palm oil restrictions leaves Bangladeshi exports in a tight spot. Exporters claim a violation of the South Asian Free Trade Area (SAFTA) which unfortunately does not have the logistics to handle the special "license to import" that India introduced. TheFinancialExpressBD
Update Jan 23, 2020. KUALA LUMPUR (Reuters) - Malaysia’s top sugar refiner said it will increase purchases of the commodity from India, which according to two sources is part of efforts to placate New Delhi amid an ongoing spat over palm oil imports. Reuters
Update Jan 16, 2020. NEW DELHI: Commerce and industry minister Piyush Goyal on Thursday said that neither has India imposed nor is contemplating any curbs on imports from Malaysia or Turkey as it believes in fair play and equal terms for all trading partners and if curbs are imposed, they apply to all countries.
Read more at:
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-minister-says-not-put-curbs-on-imports-from-malaysia-turkey/articleshow/73298776.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst