Pacts with US, EU open $400 bn opportunity for agriculture sector: Official

Trade agreements with the US and the 27-nation bloc European Union (EU) have opened up an opportunity of $400 billion for India’s agriculture sector, an official said on Monday. At present, India’s agricultural exports to the US stand at $2.8 billion, while imports are only $1.5 billion.

Overall, India’s imports of agri goods are worth $35 billion, while exports are valued at $51-52 billion, and the figures are increasing.“Through these trade agreements, we have opened up markets worth $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.