Malaysia and Indonesia, which together accounts for 85pc of the world's palm oil market, have agreed to set up a Council of Palm Oil Producing Countries (CPOPC).
The council aims to ensure price stability and develop the downstream industry of the commodity. Other palm oil producing countries will be invited to join the new council.
Both countries have also agreed to harmonise the standards of the Indonesian Palm Oil (ISPO) and Malaysian Sustainable Palm Oil (MSPO), although no details were provided.
The CPOPC is expected to be inaugurated at the end of October during bilateral meetings between Indonesian president Joko Widodo and Malaysian prime minister Datuk Seri Najib Tun Razak.
Source: Argus Media
Date: Oct 5, 2015