Industry experts on Tuesday highlighted several challenges in India-US agricultural trade and called for lower tariffs and harmonisation of local norms to boost the trade between the two major global economies.
Industry experts at the Indo-US Economic Summit highlighted challenges in India-US agricultural trade, calling for lower tariffs, harmonisation of local standards, and increased sustainability efforts. They emphasised technology transfer, climate-smart agriculture, and private sector participation to boost trade and productivity between the two nations
Industry experts on Tuesday highlighted several challenges in India-US agricultural trade and called for lower tariffs and harmonisation of local norms to boost the trade between the two major global economies.
Addressing a session on agro-processing at the 21st Indo-US Economic Summit organised by the Indo-American Chamber of Commerce (IACC), ITC Ltd's Agri-Business Division Vice President of Value Added Products Sanjeev Bisht identified key concerns, including recent Red Sea-related supply chain disruptions, the absence of a free trade agreement, and local quality norms.
"If we want to increase exports, we need to understand the quality concerns of that country," Bisht said, stressing the importance of harmonising standards between India and the US.
Bisht also emphasised the need for sustainability and technology integration to boost productivity while reducing ecological impact. He suggested that combining innovations in artificial intelligence with agriculture could open new avenues for growth, an official statement said.
Chirag Jain, Partner at Grant Thornton Bharat, noted that while the US accounts for 10 per cent of India's agricultural exports, Indian supplies represent only 2.6 per cent of US farm imports, indicating significant potential for export growth.
To strengthen agricultural ties, Jain recommended facilitating technology transfer, implementing successful R&D models, building capacity in climate-smart agriculture, enhancing fresh produce trade, and increasing private sector participation.
"India offers a growing market for US exports while US innovations can help India improve its agricultural productivity," Jain said.
Both experts called for the development of favourable tariff models and continued engagement between the two countries at various trade forums and dialogues.
The session, titled "Vision for the Future of Indo-US Economic Relations in Agro & Food Processing," also had speakers from Frick India Ltd and Tata Consultancy Services.