BUSINESS

MALAYSIAN RUBBER COUNCIL TO PRESENT POSITION PAPER ON SUSTAINABILITY IN BELGIUM

16/06/2023 10:06 PM

KUALA LUMPUR, June 16 (Bernama) -- The Malaysian Rubber Council (MRC) will be organising a special mission to Brussels, Belgium from June 18-22, 2023 to present a position paper on the European Union (EU) Corporate Sustainability Due Diligence (CSDD) titled "Together Towards Sustainable Future of Malaysian Rubber Industry.”

The MRC said the EU CSDD aims to foster sustainable and responsible corporate behavior, as well as to anchor human rights together with environmental considerations in companies’ operations and corporate governance. 

"The new rule will ensure that businesses address the adverse impacts of their actions, including their value chains inside and outside of Europe.

“The proposed EU CSDD regulations have significant implications for Malaysian companies that do business with EU-based firms; either on selling products or services in the EU market. 

"It will be mandatory for these companies to comply with the regulations’ due diligence requirements, which involves conducting risk assessments, monitoring suppliers and subcontractors, as well as taking actions to address any adverse impacts identified," the council said in a statement. 

On Feb 23, 2022, the European Commission (EC) adopted a proposal for a directive on CSDD, and on June 1, 2023, the European Parliament agreed on its position on the directive on the CSDD. 

MRC deputy chief executive officer Izwan Zarik Mohammad Sapari said the council welcomes the proposal, and the Malaysian rubber industry appreciates the proposed regulations as a step towards sustainability. 

"However, there is a need for the industry to highlight the challenges faced by the companies in the industry and present a set of recommendations that could support the effective implementation of the regulations to the EC,” he said.

The position paper that will be presented to the EC was prepared based on consultations and the gathering of responses conducted by MRC.

This was done through two different initiatives - the roundtable discussion with Malaysian rubber industry policymakers alongside industry players from the midstream and downstream sectors, as well as the dissemination of a survey on EU CSDD to industry players that will be impacted by the regulations.

-- BERNAMA

 


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