THE WHAT? Indonesia and Malaysia have signed eight memorandums of understandings aimed at strengthening cooperation between the two palm-oil producing nations and helping to rebuild palm oil’s reputation, according to a report published by Reuters.
THE DETAILS The two countries will ‘fight discrimination’ against the widely used FMCG ingredient, addressing concerns that it is linked to deforestation. The countries will also work together on green energy projects and export-import financing.
THE WHY? The European Union has unveiled plans to phase out palm oil-based fuels by 2030 as a result of the bad press the commodity has received.