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Drastic cut in import of edible oil from Nepal following Govt measures
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Friday, 30 December, 2022, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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The All India Edible Oil Traders Confederation has stated that the import of edible oil from Nepal has been reduced drastically after measures taken by the Government of India in the last four months. The edible oil import, particularly of palm oil and soybean, from Nepal is done without any duty due to an arrangement of free trade agreement between SAARC (South Asian Association for Regional Cooperation) nations.
However, Nepal does not produce edible oil seeds in much quantity and the traders there simply import edible oil from other countries and export it to India thereby benefiting from the free trade agreement.
Shankar Thakkar, president of the confederation, said that in the last few years, edible oil worth millions of rupees was being imported in India without any duty due to free trade agreement between SAARC nations, while Nepal does not produce palm or soybean oil. This has caused serious loss of revenue to the Government of India. Also, this has impacted the trade of Indian traders in the border districts of various states of India.
“Under the agreement between SAARC nations, only commodities produced in these nations can be traded without duty,” said Thakkar and added that the confederation has urged the Government of India to take appropriate action into the matter.
The Nepal Rashtra Bank (Nepal’s Central Bank) has issued a report on export data from Nepal that suggests drastic reduction in export of palm oil from Nepal which has witnessed 47.3% downfall in the last four months. Similarly, the export of soybean oil was reduced by 79%. The export of edible oil has 20% share in Nepal’s total export revenue.
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