 "India and the US seek agricultural partnership, boosting trade and sustainability amid complex regulatory challenges and burgeoning seafood exports.")
A senior official from ITC emphasized the importance of boosting agricultural productivity and improving food distribution between India and the US during a panel at the Indo-US Economic Summit. Sanjeev Bhat highlighted the growing trade in agricultural products, particularly seafood, rice, and spices, which is seeing a significant yearly increase. With plans for a new Trade Policy Forum starting in January 2024, both countries aim to enhance collaboration in areas like climate-smart agriculture and processed goods. However, challenges like tariff barriers and differing regulations exist, particularly concerning dairy and poultry markets. The official urges that both nations should work towards sustainable trade agreements and overcome existing issues for a better agricultural partnership.
India and the United States are on the path to strengthening their agricultural ties, aiming for improved agricultural productivity and sustainable food security. A senior official from ITC, Sanjeev Bhat, emphasized the need for both nations to leverage their strengths in the agriculture sector during the Indo-US Economic Summit organized by the Indo-American Chamber of Commerce (IACC).
Bhat highlighted that India primarily exports seafood, rice, and plants to the US, with trade growing impressively at a 20-30 percent annual rate. Despite the absence of a formal trade agreement, both countries are set to begin a Trade Policy Forum (TPF) in January 2024 to promote trade. The US is the second-largest importer of spices from India, and the highest volume of seafood exported by India amounted to Rs 60,500 crore in the last fiscal year.
Experts at the event also discussed the potential growth areas for Indian exports, including frozen shrimp, fish meal feed, and other seafood products. With India’s emphasis on developing post-harvest infrastructure, there are opportunities for the US to become a larger Market for these processed goods.
Moreover, both nations should focus on reducing barriers to technology transfer and replicate successful research and development models. Collaborations in climate-smart agriculture and access to credit can further enhance the agricultural ecosystem. However, challenges remain, including tariff disputes and concerns over food safety regulations.
Investors from the US are encouraged to consider opportunities in Indian agriculture, which is in need of funding to reach its full potential.
Conclusion: The partnership between India and the US in the agricultural sector is poised for growth, provided they can address existing barriers and foster collaborative efforts.
Tags: India US Relations, Agriculture Sector, ITC, Agri Business, Food Security, Trade Policy, Export Growth, Indo-American Chamber of Commerce, Seafood Export
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Why is it important to enhance agricultural productivity in India?
Enhancing agricultural productivity in India is crucial to ensure food security, support farmers’ incomes, and meet the growing demand for food due to a rising population. -
What role does ITC play in improving agriculture?
ITC helps improve agriculture by providing farmers with better technology, training, and access to markets, which helps them grow more crops and earn more money. -
How can technology improve farming in India?
Technology can improve farming by offering better tools and techniques, such as precision farming, which helps farmers use resources more efficiently and increase crop yields. -
Why should farmers be involved in decision-making processes?
Involving farmers in decision-making ensures that their needs and challenges are addressed, leading to solutions that work best for them and improving overall agricultural productivity. - What are some challenges to improving agricultural productivity in India?
Challenges include climate change, outdated farming practices, lack of access to financial resources, and inadequate infrastructure, which can make it hard for farmers to be more productive.
