Kathmandu: India has banned the import of palm oil from Nepal, which is its most exported item. After which the Government of Nepal has formally urged India to lift the ban. On Friday, Nepal's Commerce and Supply Secretary Baikunth Aryal has said that Nepal's palm oil is not interfering in the Indian market.

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After this, on Saturday, Nepal Finance Minister Yuba Raj Khatiwada said about the ban on palm oil, '25 percent of our exports in India are related to the palm oil industry, which will have a bad effect on our industry. There were no indications before, so it was a shock. The Finance Minister of Nepal further said, 'We hope that the Government of India will reconsider its decision. We are negotiating this through our diplomatic channel. If needed, we will also talk through political channels.

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Nepalese traders import crude palm oil from Malaysia and Indonesia before sending palm oil to India. It is then processed and packaged. Traders are attracted to this oil because India has imposed an import duty of 40 percent on palm oil of Malaysia and Indonesia. Nepal oil attracts an import duty of six percent. Malaysia and Indonesia are the world's largest palm oil producing countries.

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