Mexico's vegetable oil tax move offers opportunities

KUALA LUMPUR: Mexico's decision to exempt import duties on various types of vegetable oils opens up greater opportunities for Malaysian exporters venturing into the market, says Malaysia External Trade Development Corporation (Matrade).

The exemption, to be effective March 1, covers vegetable oils such as soyabean oil and fractions, palm oil and its fractions, safflower oil and its fractions, coconut oil, palm kernel or babassu oil and its fractions, as well as fats and oils, animal or vegetable and their fractions.

Matrade's trade commissioner in Mexico, Remee Yaakub, advised Malaysian firms planning to enter the Mexican market to capitalise and strategise effectively as they have to compete with regional players.

"Malaysian companies may collaborate with local partners to introduce products through new product launches. With palm oil included in the exemption, they may introduce the health benefits of palm oil and market their products through an assertive awareness promotion," Remee said in a statement. ---Bernama