Average palm oil prices are set to climb this year, a Reuters poll showed, buoyed by slowing output-growth in top producer Indonesia and by robust demand for the commodity which is used to churn out products ranging from chocolate to biofuels.
India is poised to become the third-largest consumer market behind only the US and China; and consumer spending in India is expected to grow from $ 1.5 trillion at present to nearly $ 6 trillion by 2030.
Aimed at promoting palm oil trade and sustainable production in India and Indonesia, key oil trade bodies from the two countries have agreed to create a Joint Working committee to look into the trade matters and implement sustainable practices.
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