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ITC | (Photo: Shutterstock)
India and the US should aim to enhance agricultural productivity, improve food distribution system, and ensure the usage of sustainable practices to strengthen ties in the agri sector, a senior ITC official said.
Both countries should leverage their respective strengths and forge strategic partnerships in the sector, ITC Agri Business Division V P Sanjeev Bhat said at an event here.
“The US and India should aim to enhance agricultural productivity, improve food distribution system and ensure sustainable food security solution,” he said during a panel discussion in the Indo-US Economic Summit organised by the Indo-American Chamber of Commerce (IACC).
Now, India majorly exports seafood, rice and plants to the US and this trade is growing at a three-year CAGR of 20-30 per cent, Bhat said.
Currently, India and the US do not have any trade agreement, however, starting from January 2024, both countries have established a Trade Policy Forum (TPF) for trade promotions.
The US is the second largest importer of spices after China. Moreover, India exported its highest volume of seafood in FY24 worth Rs 60,500 crore to the US.
“Frozen shrimp, black tiger & scampi showed considerable growth at 4-5 per cent last year,” Bhat said, adding, “other areas of opportunities include frozen fish, fish & shrimp meal feed, frozen squid and frozen cuttlefish.”
Grant Thornton Partner Chirag Jain said, “With India’s push for post-harvest infrastructure, the US can become a larger market for processed goods.”
Both India and the US should leverage bilateral cooperation to improve the agricultural ecosystem in both nations.
They should reduce barriers to technology transfer and safety, successful R&D models should be replicated.
Moreover, there should be Indo-US collaboration on capacity building in climate-smart agriculture, productivity growth, crop risk protection, and credit access.
They should enhance trade of fresh produce for the growing market in both countries.
Jasmohan singh, Chairman of the agro & food processing committee of IACC, said there is an opportunity for US investment in Indian agriculture, which requires funding. He advocated for sustainable trade pacts between both countries.
However, he added that there are several issues with traiff and non-tariff, agricultural subsidies between the Indian and the US governments. Besides, there are issues on laws on IPR, seed patents, GMO, etc, which are conflicting, he said.
“The US will like to have more market access in dairy and poultry and there are also concerns of food safety and regulatory hurdles,” said Singh, who is also the Managing Director of Frick India.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 24 2024 | 8:18 PM IST
