Asian Palm Oil Alliance (APOA)
Asian Palm Oil Alliance (APOA) was formed at the Globoil Summit organized in Agra on September 21.
- The APOA brings together the apex edible oil industry associations from India, Pakistan, Sri Lanka, Bangladesh and Nepal, which are the major importers of palm oil.
- Atul Chaturvedi, Director of Adani Wilmar Ltd and President of SEA, was elected as the first chairman of the alliance during the first general body meeting.
- The secretariat of the APOA would initially be managed by the Solvent Extractors’ Association of India (SEA).
- The newly formed alliance would protect the economic and business interests of palm oil importing countries and create level playing field for all fats and oils used in food, feed and oleo-chemicals in Asia.
- It aims to create collective bargaining power and make imports sustainable.
- It will also work towards boosting consumption of sustainable palm oil in member countries.
- The alliance will act as a forum for discussing common problems, interests and aspirations of global palm oil industry and significantly boost demand for palm oil through awareness creation.
- Asia currently accounts for 40 per cent of global palm oil consumption and the Europe accounts for 12 per cent of palm oil trade.
- The alliance is expected to be further expanded to include major producers of oil, like Indonesia, Malaysia and Thailand.
- The next meeting of the AOPA is expected to be held in Indonesia in 2023.
India’s palm oil import
India is the largest palm oil importer in Asia. It imports around 13 to 14 million tonnes of palm oil each year. About 8 million tonnes of palm oil comes from Indonesia and Malaysia. Other oils like soya and sunflower comes from Argentina, Brazil, Ukraine and Russia. India accounts for 15 per cent of global imports. Other top importers are China, Pakistan and Bangladesh.
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