US keen to export soyabean meal to India

Posted by Daily Shipping Times on 01-03-2018        Tweet

NEW DELHI: The US is keen to export soyabean meal -- an animal feed -- to India and wants the later to reduce the Customs duty, a top US official said recently.

In the long term, the US is also looking at signing a free trade agreement (FRA) with India, he added.

India exports soyabean meal but also imports in small quantity as  customs duty are high at 15 per cent. "We would like to have access to the (soyabean meal) market. I think that brings more profitability to farmers," the US Under Secretary Trade and Foreign Agriculture Affairs Ted A McKinney said recently.

The US is keen to supply high protein ingredients like soyabean meal and Dried Distillers Grains with Solubles (which is made out of corn), he added.

Stating that there is huge potential in India, McKinney said that the US would love to have free trade pact with India in the long term. At present, there is agri trade deficit between the two nations. India exported agri-commodities worth USD 2.6 billion in 2017 calendar year, while imported commodities worth USD 1.6 billion in the said period, he said.