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Aussie Government’s Rejection Of Compulsory Palm Oil Labelling Is Good News, Says Najib

By Thursday October 27th, 2011 No Comments

PERTH (Australia), Oct 27 (Bernama) — Prime Minister Datuk Seri Najib Tun Razak said today that the rejection of the proposal for compulsory palm oil labelling by the Australian government, is very much welcomed, especially for Malaysia’s oil palm industry.

“The Australian government is not supporting the proposal for compulsory palm oil labelling,” he told the Malaysian media on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) here today.

“This is a very happy decision for the oil palm industry,” said Najib, who arrived late last night to attend the three-day meeting.

It was reported earlier that the Australian government would oppose the anti-trade bill which has the support of the Liberal-National Party coalition for the compulsory palm-oil labelling, as it went against the country’s obligation to the World Trade Organisation(WTO).

Themed, “Building National Resilience, Building Global Resilience”, CHOGM 2011 will be officially declared open by Queen Elizabeth II on Friday

“It is a big plus for us. That is why it is important to have cooperation arrangements as it spills over to other sectors.

“It is positive in terms of assisting them in one area and spills over to other areas as well,” said Najib.

He also thanked the Australian government for its supportive stance on the labelling issue.

He said the Free Trade Agreement (FTA) talks with Australia is still ongoing and expected to be concluded in March next year.

Najib, who is also the Finance Minister, earlier had a bilateral meeting with Australian Prime Minister Julia Gillard and is scheduled to also meet Sri Lankan President, Mahinda Rajapaksa.

Malaysia’s export of palm oil products stood at RM52.458 billion for the first eight months of this year. It recorded an all-time export high of about RM65 billion in 2008 with average CPO prices of RM2,800 per tonne.

This year, the average CPO prices have stood at about RM3,200.

Source : Bernama

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