Asian Palm Oil Alliance (APOA)
Recently five countries of South Asia have formed ‘Asian Palm Oil Alliance (APOA)’.
Asian Palm Oil Alliance (APOA) has been formed by the top edible oil industry associations of the five major palm oil importers in South Asia. These five countries are: India, Pakistan, Sri Lanka, Bangladesh and Nepal.
The Solvent Extractors Association (SEA) of India will manage its secretariat.
Asia accounts for 40% of the global demand for palm oil. India is its largest importer, and its share of demand is about 15% (13–14 million tonnes).
The main objective behind the formation of APOA is to strengthen the collective bargaining capacity and sustain imports.
Functions of APOA –
- It will help in changing the negative image of Palm Oil. This will ensure that it is recognized as a high quality, economical and healthy vegetable oil.
- Protect the economic and commercial interests of palm oil consuming countries. Also, it will increase its consumption in the member countries.
- It is edible vegetable oil. It is obtained from the palm fruit of Elaeis Guineensis (African palm oil) or Elaeis Oleifera (native to South and Central America).
- It is rich in vitamins A and E. It does not contain trans fatty acids. It is commonly used in food products and industrial uses.
India’s initiatives towards palm oil
- National Mission on Edible Oil – Oil Palm (NMEO-OP): It is a centrally sponsored scheme to achieve self-sufficiency in edible oil.
- Palm oil sector is being expanded under Rashtriya Krishi Vikas Yojana.
- Minimum support price for oilseed crops has been increased.
Source- The Hindu