Food, palm oil stand to reap po­ten­tial ben­e­fits from Brexit

The Borneo Post - - FRONT PAGE -

It is no se­cret that cer­tain coun­tries in the EU are less re­cep­tive to im­ports of palm oil for pro­tec­tion­ist rea­sons.

KUALA LUMPUR: Malaysia’s food ex­ports, es­pe­cially palm oil, stands to reap trade op­por­tu­ni­ties through the changes cre­ated by the United King­dom’s (UK) de­par­ture (Brexit) from the Euro­pean Union (EU).

Glen­reagh Sdn Bhd man­ag­ing di­rec­tor Nordin Ab­dul­lah said there would be in­creased op­por­tu­ni­ties for Malaysian com­pa­nies with the ca­pac­ity to op­er­ate in highly reg­u­lated and com­pet­i­tive en­vi­ron­ments.

“It is no se­cret that cer­tain coun­tries in the EU are less re­cep­tive to im­ports of palm oil for pro­tec­tion­ist rea­sons.

“Malaysia can now relook at how they deal with the is­sue as reg­u­la­tions and at­ti­tudes can change post the UK’s de­par­ture,” he said in a state­ment yes­ter­day.

Nordin Ab­dul­lah, Glen­reagh Sdn Bhd man­ag­ing di­rec­tor

Nordin said in the short-term, both the UK and EU economies would be com­pet­ing for in­creased trade and in­vest­ments with ex­ter­nal par­ties.

“What we are see­ing now is the open­ing rounds of a ne­go­ti­a­tion which is ex­pected to take two years be­fore a fi­nal deal is reached.

“It may be coun­ter­pro­duc­tive to re­act too quickly and on ev­ery re­port. There is still a long way to go,” he added.

In Fe­bru­ary, Malaysia’s ex­port of palm oil to the EU and the UK stood at 153,165 tonnes and 1,759 tonnes re­spec­tively. — Ber­nama

Nordin Ab­dul­lah

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