ANNOUNCEMENT 03 Oct 2015In October 2015, the governments of Indonesia and Malaysia announced a general change in export conditions.
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On 3 October 2015, Indonesian and Malaysian ministers announced plans to establish aCouncil of Palm Oil Producing Countries - an organization aimed at coordinating palm oil production, stabilising prices, and managing stocks. This organization may end up effectively managing trade in this commodity.
Once established, the Council would be able to coordinate and control the price of 85% of the palm oil sold worldwide.
According to press reports Thailand, the third largest producer of palm oil, has been invited to join the Council too.
On 21 November 2015, the two countries signed up to the new palm oil body. It remains unclear when the Council will come into effect. One week later, on 27 November 2015, the Indonesian Palm Oil Producers Association was cited in the media saying it was looking forward to harmonise its palm oil certification with its Malaysian counterparts, as part of the Council's strategy.