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Russia-Ukraine war: India eyes Mercosur deal to import crude sunflower oil

May have to reduce import duty, scrap strict requirements for S. American bloc

Russia-Ukraine war: India eyes Mercosur deal to import crude sunflower oil
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Asit Ranjan Mishra New Delhi
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 edible oil prices, official sources said.
 
For this, India may need to reduce the import duty on sunflower oil originating from Mercosur countries and do away with the stringent testing requirements under the existing preferential tariff agreement (PTA) with the grouping, they said.
India signed in 2004 a PTA with Mercosur, the Latin American trading bloc with Argentina, Brazil, Paraguay, and Uruguay as its members.
 
Last year, India’s exports to Mercosur

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First Published: Mar 26 2022 | 6:03 AM IST

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