The Hindu Business Line : Solvent extractors' team visiting Latin America

Kolkata May 18 A 14-member trade delegation of the Solvent Extractors Association of India (SEA), headed by the Association President, Mr A.R. Sharma, is leaving for Argentina, Paraguay and Brazil (three of the four Mercosur countries) on Saturday to study the prospects of enhancing oils and oilseeds trade between India and the LAC (Latin American Countries). Besides the oils and oilseed complex, the team members will also study the farm practices, marketing of beans, oilmeals, infrastructure and port facilities in the LAC region.

Potential region

Mercosur (Southern Common Market) countries, which also includes Uruguay, are said to be potentially the largest in the LAC region (population of around 195 million, with a combined GDP of nearly $468 billion), nearly twice the size of the Canadian market.

The visit is at the invitation of the Argentine and Paraguan governments and also at the behest of concerned trade associations in Argentina, Paraguay and Brazil.

According to Mr B.V. Mehta, Executive Director, SEA, one of the key objectives of the visit was to increase mutual cooperation and exchange market and technical information with the processors of soyabean and sunflower seeds, leading producers and exporters of oilmeals and oils.

According to the SEA, India was now importing about 1.5-2 million tonnes of soyabean oil mainly from Argentina and Brazil. Paraguay, under an agreement with India, would enjoy a lower duty of 35 per cent for export of soyabean oil under TRQ for 30,000 tonnes, once the member countries of Mercosur reconfirm it.

According to the association, it was important for Indian companies to not only understand the vegetable oil economy of these three countries but also study their farm practices, productivity and marketing strengths, being major suppliers of soyabean and sunflower oils and leading competitors for India in export of oilmeals in the world market.

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