The Indian Vegetable Oil Producers' Association (IVPA) and the Indonesian Palm Oil Association (IPOA) signed a three-year memorandum of understanding on Thursday to enhance economic cooperation and support food security initiatives.

The agreement focuses on strengthening collaboration in the palm oil sector, a critical component of the edible oil trade between the two countries.

India, which imports more than 60% of its edible oil needs, has relied on Indonesia as its largest palm oil supplier for over a decade, according to the Solvent Extractors’ Association (SEA) of India.