Asian Palm Oil Alliance (APOA) | UPSC Notes

Sansar LochanIndian EconomyLeave a Comment

Recently the Asian Palm Oil Alliance (APOA) was formed during the Global Summit held in Agra.

Asian Palm Oil Alliance

The top edible oil industry associations from five of Asia’s major palm oil importing countries – India, Pakistan, Sri Lanka, Bangladesh and Nepal – have come together to form the Asian Palm Oil Alliance (APOA).

Asian Palm Oil Alliance APOA

It is hoped that APOA will protect the economic and commercial interests of palm oil consuming countries and provide equal opportunities for growth for all fats and oils used in the food, oil and chemical industry of Asia.

It will also work towards increasing the consumption of palm oil in the member countries.

What is Palm Oil?

  1. It is an edible vegetable oil that comes from the fruit of the palm tree, whose scientific name is Elaeis guineensis.
  2. It is a very productive crop. It provides a far higher yield at a lower cost of production than other vegetable oils.
  3. Related Initiatives: The Government has launched a centrally sponsored scheme from 2018-19, namely, National Food Security Mission on Oilseeds and Oil Palms (NFSM-OS) to increase the production and productivity of nine oilseed crops and increase the availability of edible oils by expanding their agricultural area.

Do you know ?

Asia accounts for about 40% of the global palm oil consumption, while Europe accounts for 12% of the palm oil trade. Indonesia and Malaysia are the largest palm oil exporters in the world.

India is the largest importer of palm oil in Asia, accounting for 15% of global imports. It is followed by China (9%), Pakistan (4%) and Bangladesh (2%).

Tags: APOA #Asian Palm Oil Alliance #Asian Palm Oil Alliance Launched #Edible Oil Industry Association #global oil summit #negative image of palm oil #palm oil

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