New Delhi: Trade agreements with the US and the 27-nation bloc European Union (EU) have opened up an opportunity of USD 400 billion for India’s agriculture sector, an official said on Monday.
At present, India’s agricultural exports to the US stand at USD 2.8 billion, while imports are only USD 1.5 billion.
Overall, India’s imports of agri goods are worth USD 35 billion, while exports are valued at USD 51-52 billion, and the figures are increasing.
“Through these trade agreements, we have opened up markets worth USD 400 billion – EU and US combined. We are opening up a big opportunity for our agri sector,” the official said.
The sector is important as opposition parties are raising serious concerns over the impact of the trade deal with the US on Indian farmers.
In any free trade agreement, India has not granted any duty concessions on sectors such as dairy, poultry and cereals.