Arab Potash signs pacts with Indian firms

The Arab Potash Company (APC) has signed two agreements to export 600,000 tonnes of potash to the Indian market valued at $300 million.APC Chairman Nabih Salameh said an agreement was signed with the Indian Potash Company (IPL) on the quantities of potash that will be exported to India between August, 2011 and March 2012.Salameh told the official Petra Agency that under the first $200 million agreement, the APC will export 375,000 tonnes of potash to India.Under the second $100 million agreement with the Indian Zuari Industries Limited, the APC will supply the Indian company with 200,000 tonnes of Jordanian potash. India-Jordan trade is governed by an agreement signed in 1976.Over the years, the trade between the two countries has grown rapidly although the balance of trade has been in favour of Jordan during the last few years because of massive phosphate and potash imports by India. India was the largest export partner and ninth largest import partner of Jordanin 2008.Trade between the two countries stood at $1.785 billion in 2008 - Jordan’s imports from India stood at about $503 million in 2008 while its exports to India reached at $1.283 billion in 2008.India’s position in 2009 is third and fifteenth respectively as bilateral trade stood at US$983 million in 2009 - India’s exports to Jordan in 2009 stood at $297 million while imports were valued at $686 million.In 2010, the India-Jordan trade volume stood at$ 1.16 billion -India’s exports to Jordan stood at $382 million in 2010 while imports were to the tune of $783 million in 2010. India’s main items of imports from Jordan are fertilizers, phosphates, phosphoric acid etc. India’s exports to Jordan consist of electrical machinery, cereals, frozen meat, organic and inorganic chemicals, aircraft and parts thereof, animal fodders, engineering goods etc.India remains the largest importer of potash and phosphates from Jordan which has contributed to the adverse balance of trade. From / Gulf Today