The Solvent Extractor’s Association of India (SEA) and the Brazilian Association of Vegetable Oil Industries (ABIOVE) have entered into a memorandum of understanding (MoU) to facilitate the import of soybean oil.
India holds the distinction of being the world’s largest importer of edible oils, bringing in approximately 15-16 million tonnes of various edible oils. This includes a significant portion of around 3.5 to 4.0 million tonnes of soybean oil, primarily sourced from Latin America.
“Brazil is one of the major suppliers of soyabean oil to India. In 2022, Brazil exported 1.4 million tonnes and in the current year till September, it has exported 1.2 million tonnes of soyabean oil to India,” said SEA in a media release.
On November 2, 2023, the Memorandum of Understanding (MoU) was signed by Ajay Jhunjhunwala, the president of SEA, and Andre Meloni Nassar, the president of ABIOVE.
Both organizations have reached an agreement to collaborate on matters related to the supply, utilization, and commerce of soybeans, soymeal, soybean oil, and other oilseeds along with their by-products.
“The objective of the MoU is to create a common platform to facilitate the joint interaction of both institutions under the governmental spheres of both countries and promoting public-private partnerships of mutual interest towards economic integration between the two countries in the oilseeds sectors, through the reduction of bilateral and multilateral trade barriers on oilseeds, oilseed products and edible oils,” said SEA.
