Cooking oil industry body Solvent Extractors Association India (SEA) has signed an initial agreement with the Brazilian Association of Vegetable Oil Industries to import soybean oil.
The initial agreement was signed on 2 November, the SEA said on 6 November.
SEA did not disclose details such as the duration of the agreement, when supplies will start or the quantity.
India and Brazil agreed on "co-operating with the supply, use and trade of soybean, soymeal, soybean oil, as well as other oilseeds and their derivatives, to enhance value added and on the interests of producers, processors and consumers," SEA said.
SEA also said that it would seek more co-operation with Brazil for economic integration in the oilseeds sector, through the reduction of trade barriers on oilseeds, oilseed products and edible oils.
They also agreed to promote the exchange of technology for production of oilseed planting material to increase agricultural productivity, along with scientific and technical co-operation in oilmeals and vegetable edible oils.
India is the world's largest importer of edible oils. It bought 1.2mn t of soybean oil during January-September compared with 1.4mn t for the whole of 2022, SEA said. India imports 15mn-16mn t/yr of edible oils from Latin America, including 3.5mn-4mn t/yr of soybean oil.
