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India's move paved the way for Nepalese exporters to resume business
.
The General Directorate of Foreign Trade of the Ministry of Commerce and Industry of India issued an announcement on Wednesday to lift the restriction, which will be valid until the end of 2021
.
"The import policy under HS codes 15119010, 15119020 and 1511990 was changed from'restricted' to'free', effective immediately, and valid until December 31, 2021," the Indian authorities' notice read
.
.
"The import policy under HS codes 15119010, 15119020 and 1511990 was changed from'restricted' to'free', effective immediately, and valid until December 31, 2021," the Indian authorities' notice read
.
In the past few years before India’s ban last year, palm oil exports have been generating considerable export revenue for the landlocked country
.
In 2019/20, Nepal exported 183.
1 billion rupees worth of palm oil to India, making this product the top of the country’s export list
.
.
In 2019/20, Nepal exported 183.
1 billion rupees worth of palm oil to India, making this product the top of the country’s export list
.
Although Nepal does not produce the raw materials needed to produce palm oil, the country has always benefited from exports to its southern neighbors based on preferential trade agreements under the South Asia Free Trade Area (SAFTA)
.
As the SAFTA agreement imposes zero tariffs on commodities exported from underdeveloped countries such as Nepal, Nepalese traders have been importing crude palm oil from other countries with the lowest tariffs, and then exporting finished products to India with zero tariffs
.
.
As the SAFTA agreement imposes zero tariffs on commodities exported from underdeveloped countries such as Nepal, Nepalese traders have been importing crude palm oil from other countries with the lowest tariffs, and then exporting finished products to India with zero tariffs
.