INDONESIA TO BAN PALM OIL EXPORTS, MOVE COULD HIT INDIA

PM Narendra Modi and British PM Boris Johnson pushed for closing the negotiations for a free trade agreement (FTA), which aims to double India-UK trade by 2030. The third round of talks is set to begin in New Delhi next week.

The target date for the FTA has been advanced to Diwali this year (Oct 24), having been pushed forward from the previous timeline of end of 2022

—BORIS JOHNSON

Modi discussed the Russia-Ukraine conflict with Johnson and conveyed India’s strong advocacy for peaceful resolution of the situation and called for an immediate ceasefire. Foreign secretary Harsh Vardhan Shringla said that there was no pressure from the British side on India regarding any sanctions on Russia

—BORIS JOHNSON

Britain is creating an Open General Export Licence (OGEL) for India to "reduce bureaucracy and slashing delivery times" for defence procurement

Both sides agreed to work together to meet new threats across land, sea, air space and cyber domains

Britain will partner with India on new fighter jet tech as well as in maritime sphere to tackle threats in the oceans

The two leaders expressed "zero tolerance" for terrorism in all its forms and agreed to constitute a sub-group on countering extremism in order to ensure that all possible actions are taken against groups and individuals operating out of either country. "They emphasised the importance of perpetrators of terrorist attacks being systematically and expeditiously brought to justice, and agreed to work together to take concerted action against globally proscribed terrorist entities and individuals," they said ‘AUTOCRATIC COERCION’ IN INDO-PACIFIC: The two leaders emphasised on the need for a free, open, and rule-based Indo-Pacific region with both sides agreeing to combat threats. Johnson said that the "threat of autocratic coercion (in the region) has grown … and it's therefore vital that we deepen our cooperation including our shared interest in keeping the Indo-Pacific open and free."

Modi reiterated India's support for an inclusive government in Afghanistan. "We reiterated our support for a peaceful, stable, and secure Afghanistan ... It is necessary that Afghan land should not be used to spread terrorism in other countries," he said

Boris Johnson said that his government has ordered the extradition of economic fugitives wanted by India but there are legal technicalities that made the task "very difficult".

"On the two individuals (Nirav Modi and Vijay Mallya) … the extradition case, there are legal technicalities that made it very difficult. But what I can tell you is that the UK government has ordered their extradition," Boris Johnson said

Reuters

JAKARTA: Indonesia will effectively ban palm oil exports from April 28, until further notice, after President Joko Widodo on Friday announced a halting of shipments of cooking oil and its raw material to control soaring domestic prices.

In a video broadcast, Jokowi, as the president is popularly known, said the policy aimed to ensure availability of food products at home.

The move will hurt consumers not only in biggest buyer India but globally, as palm is the world’s most consumed oil, Atul Chaturvedi, president of trade body the Solvent Extractors Association of India said.

“This move is rather unfortunate and totally unexpected,” he said.

“Sky would be limit for edible oil prices now. Buyers were banking on palm oil after sunoil supplies fell because of the Ukraine war,” a Mumbai-based dealer at a global trading firm said.

Indonesia counts for more than half of global palm oil supply. The country has since 2018 stopped the issuance of new permits for palm oil plantations, often blamed for deforestation and destroying habitats of endangered animals such as orangutan.