India slashes customs duty on Pakistan's edible oil

Islamabad, Jan 10 (UNI) India has slashed customs duty on edible oil imports from Pakistan and Sri Lanka by more than 23 per cent under the South Asian Free Trade Agreement (SAFTA).

Dawn newspaper quoted a commerce ministry official as saying that exporters of the two South Asian countries would now clear their consignments of edible oils to India on a reduced rate of 52.5 per cent as against the earlier customs duty rate of 68.75 per cent.

He said that the reduction would help increase Pakistan's edible oil export to India.

India is one of the world's largest importers of edible oils which it imports largely from Malaysia, Indonesia, Argentina and Brazil.

UNI