Agriculture Current Affair 3 May 2021

‘ASEAN, other free trade pacts hurting domestic cocoa processing sector’

Higher duty for raw material, but processed products imported duty-free, says industry

The domestic cocoa processing industry is aggrieved that India’s free trade agreements (FTAs) with the Association of South-East Asian Nations (ASEAN) and other nations are hurting its competitiveness given an inverted duty structure affecting their operations.

In the case of the FTAs with ASEAN, a significant portion of processed cocoa products such as cocoa butter and powder are imported from ASEAN countries such as Indonesia, Malaysia and Singapore at zero customs duty.

Wheat: Govt procures over 68 per cent of Rabi season’s target

Procurement of 292 lakh tonnes is 70 per cent more than 171.53 lakh tonnes procured during the same period last year.

Food Corporation of India and State procurement agencies have so far procured 292.52 lakh tonnes (LT) of wheat — more than 68 per cent of this rabi marketing season’s target of 427.36 LT — till Sunday, an official statement said on Monday.

Significantly, procurement this year was 70 per cent more than 171.53 LT wheat procured during the same period last year.

Indian seafood industry fears further setback on freight hike, US retaliatory tariff

India’s largest market of aquaculture shrimps is the US, accounting for about 50% of the country’s total production

Already beset with problems on the production and export fronts, the Indian seafood sector fears further setback due to the proposed retaliatory tariff by the US and impending freight rate hike.

US trade authorities are planning retaliatory tariffs against the imposition of two per cent tax by India on revenue generated by digital services offered in India.

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