New Delhi, February 16 Trade agreements with the US and the 27-nation European Union (EU) have opened up a $400 billion opportunity for India's agricultural sector, an official said on Monday.
Currently, India's agricultural exports to the US stand at $2.8 billion, while imports are only $1.5 billion.
Overall, India's imports of agricultural goods are worth $35 billion, while exports are valued at $51-52 billion, and these figures are increasing.
"Through these trade agreements, we have opened up markets worth $400 billion – the EU and the US combined. We are creating a significant opportunity for our agricultural 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.
