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Malaysia will not retaliate against India over oil boycott

Malaysia: Reacting to the Indian government’s action over boycotting palm oil purchases amid the political row between the two nations, PM Minister Mahathir Mohammad said Malaysia will not take retaliatory trade action against India today.

TOI reported that the BJP government has entered the fifth month ever since it halted imports from Malaysia which is the largest edible oil supplier as well as the world’s second-biggest producer.

“We are too small to take retaliatory action against India,” Mahathir told reporters in Langkawi.

“We
have to find ways and means to overcome that,” he added.

Over the last five years, India has been Malaysia’s
largest palm oil market.

Benchmark Malaysian palm futures fell nearly 10% last week, their biggest weekly decline in more than 11 years.

The ruling BJP party is also unhappy with Malaysia’s refusal to revoke permanent resident status for controversial Indian Islamic preacher Zakir Naik.

The ruling government intended to prosecute the renowned Islamic preacher after leveling charges of money laundering, hate speech against him.

Mahathir said Malaysia will only relocate the preacher if it can find a third country safe for him since even though the Indian government guarantees a fair trial, Naik will face the real threat of vigilante action.

“If we can find a place for him, we will send
him out.”

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