News Brief
India Mulls Purchase Of US Corn For Ethanol As Trade Talks Advance: Report
For the United States, corn is the country’s single largest agricultural product. (Getty Images)
India is considering fresh offers in its ongoing trade negotiations with the United States, including the purchase of American corn for ethanol production and higher energy imports, Economic Times reported.
The move comes as New Delhi presses Washington to lift 25 per cent penal tariffs imposed on Indian oil purchases from Russia.
“Fresh offers have been made… There is discussion to buy corn for ethanol production,” an official was quoted as saying by ET, adding that the talks remain sensitive as both sides try to strike a balance ahead of a fall deadline for the bilateral trade agreement.
Washington has long urged India to expand imports of American corn and soybeans, but New Delhi has resisted, citing concerns over genetically modified (GM) crops.
Officials stressed that India’s “red lines” on market access for agriculture will remain firm, both to protect farmers and to prevent GM produce entering the food chain.
Negotiators are exploring a phased approach.
Commerce and Industry minister Piyush Goyal, who led a delegation to Washington between 22 and 24 September, held meetings with US Trade Representative Jamieson Greer and ambassador-designate Sergio Gor.
It was their first face-to-face interaction since the tariff hike in August, which raised duties to a total of 50 per cent.
Beyond government-to-government talks, Indian delegates engaged with American businesses and investors, who “reposed confidence in the India growth story and expressed their desire to intensify their business activities in India,” the commerce ministry said.
In August, India’s goods exports to the US stood at $6.86 billion, while imports reached $3.6 billion.
