Malaysian Minister Syed Saddiq Syed Abdul Rahman has called for a ban on EU products, vowing to hold EU accountable for its long-standing anti-Palm Oil campaign.
Minister Syed Saddiq, in addition to his government post, is the leader of Armada – the youth wing of Bersatu, the Malaysian political party led by Prime Minister Dr Mahathir Mohamad.
The intervention is the second time in the space of a few days that the Malaysian Government has signaled trade retaliation may be in the cards following the latest attempts by the EU Commission, and by France’s National Assembly, to restrict palm oil exports.
Malaysian Primary Industries Ms Teresa Kok has said of the recent efforts to ban Palm Oil in France:
“I appeal to the French authorities to reconsider this anti-palm oil vote or be ready to face retaliatory actions on bilateral trade and other ongoing collaborations from all palm oil producers”.
A report released last summer found banning Palm Oil biofuels will place European jobs at risk if palm oil producing countries impose trade restrictions. Negative effects on the EU include:
- At least EUR 2 billion in annual trade exports to southeast Asia would be at risk.
- Europe’s top five economies – Germany, UK, France, Italy, and Spain – stand to lose nearly 13,000 jobs.
- Industries including aerospace, pharmaceuticals, electronics and automobiles would suffer from reduced exports to southeast Asian markets.
Read more on the #BangunFELDA movement, here.