The Soyabean Processors Association of India (SOPA) has urged the government to maintain the current import duties on soyabean and its products in the proposed India-US trade agreement. SOPA Chairman Davish Jain warned that reducing these duties would flood the Indian market with low-cost imports from the US, negatively impacting the livelihoods of over 10 million farmers and related industries.
India, one of the top five global producers of soyabeans, is expected to produce around 13 million tonnes in the 2023-24 fiscal year, supporting both domestic consumption and exports. In contrast, the US has significantly higher productivity, partly due to genetically modified crops.
Jain emphasized that reducing import duties on soyabeans and related products would undermine India’s domestic production and jeopardize efforts to achieve self-sufficiency in edible oils, where India already relies on imports for over 60% of its needs. Instead, he suggested exploring concessional duty arrangements for value-added soy products.
SOPA also highlighted the challenges posed by the US countervailing duty of 283.91% on organic soyabean meal from India, which has made Indian exports less competitive. Jain called for a balanced trade agreement that supports both countries’ interests.
