Deputy Prime Minister Fadillah Yusof says Malaysia will show the world its strong position, commitment and initiatives to ensure its agricommodity sector prioritises sustainability. – Facebook pic, May 29, 2023.
“Some aspects of the risk assessment process of the regulation are counter-productive to commitments to curb global deforestation, and run the risk of disincentivising producing countries,” he said at the luncheon with Malaysian diaspora in Brussels today. Such a unilateral initiative, he said, is detrimental to free and fair trade, could adversely impact the global supply chain, and lead to higher food prices and reduced output at a time of record global inflation.Fadillah said the debates within the EU over palm oil and biofuel sustainability reflect a lack of knowledge on the issue, and that Putrajaya is concerned the bloc is being driven by an overly political agenda.
There is no need to add further cost and burden to the industry, particularly to smallholders, negatively impacting their welfare and livelihoods, he said.The agricommodity sector has not only become a poverty alleviation tool, but plays a significant role in reviving Malaysia’s economy post-Covid-19, Fadillah said.
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