India plans more restrictions while Malaysian Prime Minister speaks hard
NEW DELHI: After refining, the government is looking to increase the heat even more Malaysia with a plan to restrict the importation of microprocessors amid indications that the trade dispute is unlikely to be resolved as soon as the Southeast Asian nation continues to irritate India and citizens (Amendment Act).
Malaysia n PM Mahathir Mohamad The determination to talk about what India believes are its internal problems has caused the Modi government to work on imposing technical standards on microprocessors and also establishing a quality control order for telecommunications equipment, sources told TOI.
Customs authorities have been asked to ensure compliance of the quality control order as part of efforts to restrict the entry of Malaysia n equipment into India, in what is probably the first trade retaliation by India against a country’s political stance.
On Tuesday, Mohamad said he was worried about trade restrictions, but added that he would continue to speak against wrong things.
We are worried, of course, because we sell a lot of palm oil to India, but, on the other hand, we must be frank and see that if something goes wrong, we will have to say it, said the veteran leader. told reporters in Kuala Lumpur .
If we allow things to go wrong and just think about the money involved, then I think we will do many bad things, for ourselves and for other people, he added.
A news agency said the 94-year-old leader promised to find a solution when prices fell in the futures market after India, the world's largest buyer of edible oil, decided to move the refined palm oil from the list of free imports. to the restricted category. .
Apart from Mohamad’s comments on Kashmir and CAA, Indian authorities are upset with Malaysia ’s reluctance to extradite controversial preacher , prompting the government to hit back on the trade front. On January 9, TOI had reported that India intended to step up action against Malaysia with restrictions on palm oil and electronics imports.
Separately, the mines ministry is keeping tabs on imports and may initiate action in the coming weeks, officials said. Malaysia n palm oil already faces 50% import tariff, due to a 5% safeguard duty, compared to 45% on Indonesian oil. The duty is up for review next month, sources said.
India’s trade with Malaysia was estimated at over $17 billion, with exports pegged at $6.4 billion, while imports were estimated at $10.8 billion.