The edible oil and soybean processing industry has cautiously welcomed the India-US interim bilateral trade agreement announced on Saturday, but is awaiting crucial details on tariff cuts, quota mechanisms and quality specifications.
Under the pact, while the US will reduce tariffs on Indian goods to 18 per cent from the present 50 per cent, India will eliminate or cut down import duties on all US industrial goods and a wide range of American food and agricultural products, including soybean oil, distillers dried grains with solubles (DDGS), red sorghum for animal feed, tree nuts, fresh and processed fruits, wine and spirits.
IMPORT DEPENDENCE DRIVES CAUTIOUS OPTIMISM
———————————————————
The Solvent Extractors Association of India (SEA) has welcomed the move, particularly given India’s heavy dependence on soybean oil imports. During the 2024-25 edible oil year (November-October), the country imported a record 5.47 million tonnes of soybean oil,​The edible oil and soybean processing industry has cautiously welcomed the India-US interim bilateral trade agreement announced on Saturday, but is awaiting crucial details on tariff cuts, quota mechanisms and quality specifications.
Under the pact, while the US will reduce tariffs on Indian goods to 18 per cent from the present 50 per cent, India will eliminate or cut down import duties on all US industrial goods and a wide range of American food and agricultural products, including soybean oil, distillers dried grains with solubles (DDGS), red sorghum for animal feed, tree nuts, fresh and processed fruits, wine and spirits.
IMPORT DEPENDENCE DRIVES CAUTIOUS OPTIMISM
———————————————————
The Solvent Extractors Association of India (SEA) has welcomed the move, particularly given India’s heavy dependence on soybean oil imports. During the 2024-25 edible oil year (November-October), the country imported a record 5.47 million tonnes of soybean oil, ​Latest News [ SOBAN NEWS: International and National ]
