India urges Argentina to do away with export duty on sunflower oil

In return, New Delhi is offering import duty concession on edible oil

India has urged Argentina to do away with its 30 per cent export duty on crude sunflower oil. In return, it has offered to give import duty concessions on the edible oil under the existing preferential trade agreement (PTA) with Mercosur countries.

India is looking to sign long-term contracts with Mercosur countries to import crude sunflower oil as Russia’s invasion of Ukraine has disrupted imports from Europe’s second-largest nation, leading to skyrocketing of edible oil prices in India, Business Standard reported on March 26. India is also exploring reviving sunflower plantations in South India to be able to partially meet the