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The memorandum of understanding signed on April 25 on China's import of an additional 1.9 million tonnes of palm oil from Malaysia is not an extension of the old protocol signed on November 23, 2015.
The Ministry of Primary Industries said that the protocol of agreement signed in 2015 by the Minister of Plantation and Commodity Industries concerned only the cooperation between Malaysia and China in terms of quality and safety of the country. Palm oil exported to the republic.
The cooperation aimed to facilitate the country's palm oil trade with China. There was no commitment or guarantee that China would increase its imports of palm oil from Malaysia.
"Under the government of Pakatan Harapan, the ministry is responsible for negotiating additional imports of Malaysian palm oil by China and, at the same time, exploring the opportunities offered by the initiative of the Forum for the Belt and Road (BRF) international cooperation, "said the Ministry of Primary Industries. in a statement today.
Former Prime Minister Najib Abdul Razak asserted in his Facebook post yesterday that the recently signed Memorandum of Understanding was an extension of the talks and the initial agreement between China and the Barisan Nasional government when of his mandate as Prime Minister in 2015.
On April 25, China agreed to increase the volume of palm oil imports and the agreement was finalized in the MoU between the Malaysian Palm Oil Council and the Chinese Chamber of Commerce for the import and export of food products, indigenous products and animal by-products.
"The main objective of the agreement protocol is to strengthen good relations in agricultural trade, especially in the palm oil sector between the two countries.
"This will also increase palm oil exports to China of a total amount of 1.9 million tons, valued at 4.56 billion RMB over five years (2019-2023)" announced the ministry.
The cooperation has allowed the direct purchase of palm oil and palm-based products between Chinese government-related companies and Malaysian palm oil exporters.
"This Memorandum of Understanding does not limit or limit palm oil exports from Malaysia to China." It adds to existing exports of palm oil to China through Malaysian exporters, "the ministry said.
The MOU also opens up new opportunities for Malaysia to invest in reactive biofuel plants estimated at RM 2.26 billion (US $ 500 million) and unsaturated fat at US $ 206 million. RM ($ 50 million).
– Bernama
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