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Bangladesh open to increasing palm oil imports from Malaysia, minister says

FILE PHOTO: A worker unloads palm oil fruit bunches from a lorry inside a palm oil mill in Bahau, Negeri Sembilan, Malaysia January 30, 2019. REUTERS/Lai Seng Sin

DHAKA (Reuters) - Bangladesh is open to increasing palm oil imports from Malaysia if it offers competitive rates, Agriculture Minister Abdur Razzak told Reuters on Thursday.

“If they approach us we’ll welcome them,” Razzak said. “We can raise imports from Malaysia if we get a better price from them.”

India, the world’s biggest buyer of edible oils, last week put curbs on imports of refined palm oil and informally asked traders to halt imports from Malaysia, after a diplomatic spat between the two nations.

“It’s rather good, prices of palm oil are coming down,” Razzak added, when asked about India’s move to stop palm oil imports from Malaysia, the world’s second biggest producer and exporter of the commodity after Indonesia.

Reporting by Ruma Paul; Editing by Euan Rocha; Editing by Clarence Fernandez