Articles Tagged with ''India''

India, an international ag trading powerhouse that often comes into friction with the U.S. over tariff and nontariff barriers, is the only Indo-Pacific Economic Framework country out of 14 not participating in the pact’s trade pillar after a major summit held in Los Angeles this week, according to government officials.

A broad coalition of countries is making a last-minute push to change World Trade Organization rules and allow governments to increase farm subsidies and accumulate massive stocks of grain that can be dumped into the global market.

President Joe Biden announced Monday from Tokyo the official launch of his Indo-Pacific Economic Framework, or IPEF, that will so far include Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

An agreement to ban food export restrictions could be in reach for the World Trade Organization after years of failing to produce a major achievement.

India on Saturday banned wheat exports in efforts to protect its domestic supply and that’s drawn the criticism of the U.S. and its fellow G7 member countries, says U.S. Agriculture Secretary Tom Vilsack.

The Biden administration has all but ruled out tariff-slashing market access deals when it comes to its proposed Indo-Pacific Economic Framework, but the U.S. ag sector still hopes the agreement will include a trade pillar that boosts exports to rapidly growing markets that are home to a patchwork of regulatory restrictions and non-tariff trade barriers.

India’s subsidized wheat and rice stockpiling has made the country’s government a foe of U.S. wheat and rice farmers, but now the country’s prime minister is trying to use the farming crisis in Ukraine to justify its efforts to prop up domestic farmers by saying it could come to the rescue of grain-deprived countries.

Eighty-seven House members have signed a letter urging the Biden administration to focus on improving agriculture trade as it builds foreign relationships under the Indo-Pacific Economic Framework.

American Soybean Association delegates representing states throughout the U.S. voted Saturday to ratify a proposal supporting the U.S. negotiation of a free trade agreement with India and other countries in South Asia to take advantage of rising demand there.

USDA increased its forecast for global wheat stocks despite the war in Ukraine but also cautioned that the Russian invasion had “significantly increased the uncertainty” of agricultural supplies and demand around the world.