The European Union risks opening up a trade war with Malaysia over its “grossly unfair” policies aimed at reducing the use of palm oil. This month, the European Commission concluded that palm oil cultivation results in excessive deforestation and its use in transport fuel should be phased out by 2030. Malaysia, the world’s second biggest palm oil producer after Indonesia, relies on the crop for billions of dollars in foreign exchange earnings and hundreds of thousands of jobs.
The EU’s increasingly hostile attitude towards palm oil, a commodity used in everything from chocolate spread to lipstick, was an attempt to protect alternatives that Europe produced itself, like rape seed oil.
“To do that kind of thing to win a trade war is unfair.” “Trade wars are not something we like to promote but on the other hand it is grossly unfair for rich people to try and impoverish poor people.”
‘WHEN THE TIME COMES’
Goldman could only do business in Malaysia “if they pay us what we are asking for”, reiterating a figure of $7.5 billion given by the finance ministry. “Because they were not prudent … they are supposed to study the borrowers and lenders properly,” Am willing to negotiate with the bank.
To reduce Malaysia’s debtafter the 1MDB scandal, AM is considering the listing or sale of stakes in state-owned enterprises, including Malaysia Airlines. “It has always even given the government good returns.
“I will step down when the time comes … but we have not fixed a date.”
“I promised I will not go up to five years. I stand by my promise.”
By: DR. MAHATHIR MOHAMAD