JAKARTA -- Musim Mas, a Singapore-based exporter of Indonesian palm oil, faces "a big challenge" over the European Union's new deforestation regulation, which will particularly impact the country's small individual farmers, a company executive told Nikkei Asia.
The landmark law requires importers of commodities such as palm oil, coffee and cocoa to generate a due diligence statement proving their products do not come from deforested land or have led to forest degradation. Under the regulation, traders and other organizations selling products in the EU will have until late 2024 to comply. Micro and small enterprises, however, are exempt from the due diligence rules until mid-2025.
