India, the world’s largest importer of edible oils, bringing in approximately 15–16 million tonnes of various edible oils, including 3.5–4.0 million tonnes of soybean oil, has recently seen a significant development in its edible oil import landscape. The Solvent Extractor’s Association of India (SEA) and the Brazilian Association of Vegetable Oil Industries (ABIOVE) have come together to sign a memorandum of understanding (MoU) with the aim of enhancing soybean oil imports.
In 2022, Brazil emerged as one of India’s major soybean oil suppliers, exporting 1.4 million tonnes, and as of September this year, it had already exported 1.2 million tonnes of soybean oil to India, according to a SEA media release.
The MoU, inked on November 2, 2023, was signed between Ajay Jhunjhunwala, President of SEA, and Andre Meloni Nassar, President of ABIOVE. Both associations have committed to collaborating on the supply, use, and trade of soybean, soymeal, and soybean oil, as well as other oilseeds and their derivatives.
SEA stated that the primary objective of the MoU is to establish a shared platform that promotes cooperation between both institutions within the government realms of both countries. The goal is to foster public-private partnerships that align with the mutual interests of India and Brazil, ultimately facilitating economic integration between the two nations in the oilseeds sector. This integration aims to reduce bilateral and multilateral trade barriers to oilseeds, oilseed products, and edible oils.