Malaysia’s Mahathir calls for palm oil trade deal with the UK
'We hope to avoid a trade war with Europe. But if one transpires, that doesn't mean the UK has to get caught in the crossfire,' the prime minister said.
Malaysia's prime minister Mahathir Mohamad on Monday urged the United Kingdom (UK) to work out a trade deal on palm oil with Southeast Asian nations once it leaves the European Union (EU) on October 31.
‘A fresh attitude toward palm oil, unencumbered by influential special-interest groups, could lead to even better trade terms between the UK and the region than it currently enjoys,’ said Malaysia prime minister Dr Mahathir in an opinion piece for Bloomberg.
‘We hope to avoid a trade war with Europe. But if one transpires, that doesn't mean the UK has to get caught in the crossfire,’ he added.
Earlier this year, the European Commission had announced plans to increase its use of renewable energy sources by 2030 and said it will, when considering a renewable product, take into account its impact on deforestation.
The announcement threatens the consumption of palm oil in that region.
In April, Malaysian and Indonesian leaders signed a joint letter to object to the European Union’s plans to phase out the use of palm oil in renewable fuel.
Both Malaysia and Indonesia supply a combined 85% of the world’s palm oil.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
Trade on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.