India Markets close in 2 hrs 29 mins

India says Indonesia assures to cut tariffs on sugar

A labourer carries a sack filled with sugar in a store at a wholesale market in Kolkata

NEW DELHI (Reuters) - Indonesia will cut tariffs on sugar from India as part of efforts to help facilitate imports of the sweetener, Indonesia's trade minister told his counterpart in New Delhi, the Indian government said in a statement on Tuesday.

On the other hand, Indonesia requested India to cut tariffs on refined palm oil imports from Jakarta, the statement said, after a bilateral meeting between Indonesian Trade Minister Enggartiasto Lukita and Indian Commerce & Industry and Railways Minister Piyush Goyal.

India is the world's biggest importer of palm oil. Also, New Delhi is trying to sell sugar on the world market to cut large inventories at home.


(Reporting by Neha Dasgupta; Editing by Subhranshu Sahu)