India: India Discontinues Tariff Rate Quota on Soybean Oil and Extends Lower Duty in Refined Palm Oil Policy
On January 11, 2023, India’s Ministry of Commerce and Industry/Directorate General of Foreign Trade (DGFT) issued Public Notice No. 50/2015-20. The notice specifies that India amended its previous tariff-rate quota of 2 million metric tons for crude soybean oil, previously allowable at a zero percent duty through Indian fiscal years (IFY) 2022/23 and 2023/24 (April 1-March 31). The Indian government has now revised its soybean oil TRQ to apply only to IFY 2022/23, with March 31, 2023 as the final date of allowable imports under the reduced quota. Separately, on December 28, 2022, the DGFT extended its import policy that gives indefinite concessional duties for refined palm oil product imports. The Indian government’s measures are intended to support domestic soybean oil producers and will likely supplement sharply rising refined palm oil imports in marketing year 2022/23 (October-September).