New Delhi: India is considering placing curbs on some imports from Turkey and Malaysia, in response to their leaders’ comments on the autonomy of Kashmir, people familiar with the matter said.
Prime Minister Narendra Modi’s government is exploring the possibility of both tariff and non-tariff measures to limit import of goods from the two countries, the people said, asking not to be identified as a final decision is yet to be taken. The options include stringent quality tests and a safeguard tax in addition to existing levies, they said.
While India’s bilateral trade with the two was only 2.9% of its total in the fiscal year ended March 31, New Delhi enjoys a trade surplus with Turkey and runs a deficit with Malaysia on account of its reliance on imported palm oil. Futures in Kuala Lumpur fell on Tuesday after an influential Indian processors’ group asked its members to refrain from buying the tropical oil from the second-largest producer.
Spokespersons for India’s finance and commerce ministries couldn’t immediately be reached for a comment.
‘Invaded’ Kashmir
India last month increased customs duty on refined palm oil import from Malaysia by 5% for six months as a measure to safeguard the domestic industry. The duty could be further increased, the people said.
Malaysian Prime Minister Mahathir Mohamad on Tuesday said the country won’t bring the palm oil issue with India to the World Trade Organization “at the moment” and he won’t retract his comments claiming India had “invaded and occupied” Kashmir.
Modi separately cancelled a planned visit to Ankara this year to show displeasure over Turkish President Recep Tayyip Erdogan’s comments over Kashmir at the United Nations General Assembly. Erdogan had urged India to hold talks with Pakistan over the disputed region following Modi’s August decision to revoke autonomy in the Muslim-majority state.
Key imports from Turkey are mineral fuels and oils, nuclear reactors and salt.
There is an informal instruction from India’s foreign ministry to go slow on all diplomatic and business relationship with Turkey and Malaysia as part of retaliatory measures, Business Standard reported, citing government officials it didn’t identify. – Bloomberg
Also read: Everyone is craving for Kashmir — Ram Madhav at first BJP meet in J&K after Article 370 move
Fake banknotes seized in India doubled. Do you know any Pundit ji who can predict these things? Got to give a reason and so threw out a reason. Jumla cube?
Indians should not visit Turkey and Malaysia.
I agree. They steal hotel items there and bring a bad name to the country. They also litter a lot and have no civic manners. Better stay home.
Mr.Mahatir and Mr.Erdogan,do remember that in this world of selfishness,No one else will come and save you.Pakistan is already struggling with its own economy.There is no need of other countries talking about Pakistan.Pakistan,itself, is just enough.Turkey has declared war against muslims-KURDS.Turkey should be punished for this at least.
From:Sindh,Pakistan.
It is an abiding verity of economics that all trade distorting measures carry a cost. All the more concerning for an economy whose integration with the global economy – including participation in supply chains – is declining. Fortunately no such measures appear to be contemplated for China, without whose iron clad guarantees of support Pakistan could not be taking liberties with us.
This is needed to teach these two countries a lesson!