India looks towards MERCOSUR nations for sunflower oil.

Why in news?

• 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, leading to skyrocketing edible oil prices.
• 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, signed in 2004.

About MERCOSUR

• Established in 1991, MERCOSUR is the Latin American trading bloc with Argentina, Brazil, Paraguay, and Uruguay as its members.