US spice traders seek tariff exemptions for Indian spices under potential trade deal
American spice traders are optimistic about maintaining tariff exemptions for Indian spices to manage prices for consumers. The United States imports around USD 700 million in spices from India each year, indicating substantial market demand. The American Spice Trade Association is working with the Indian Embassy to strengthen trade ties. Growth in spice exports from India to the United States is…
American spice traders are seeking tariff exemptions on Indian spices under a potential trade deal, aiming to keep prices affordable for US consumers. The US currently imports around $700 million worth of spices from India annually, with trade volumes expected to rise.<br /><br />
Donald Pratt, CEO of the American Spice Trade Association (ASTA), expressed optimism that the US government would maintain its support for the exemption of spices tariffs. He stated that the United States and India should work together to ensure the continued supply of spices to the US.<br /><br />
The ASTA has joined forces with the Indian Embassy to bring together spice traders at India House, with the goal of strengthening trade ties and fostering business partnerships. Pratt emphasized that India, along with countries like Vietnam, Indonesia, and China, is a crucial supplier for the US spice market.<br /><br />
US market demand for spices is expanding as consumers become more aware of the health benefits associated with various spices. Donald Pratt highlighted the growing popularity of turmeric, noting that it has evolved from being merely a curry ingredient to being recognized as a healthful nutritional supplement.<br /><br />
India's Ambassador to the US, Vinay Mohan Kwatra, confirmed that spice exports from India to the US have been increasing year-on-year. Kwatra expressed confidence that this trend will continue to grow in the coming years.<br /><br />
The event held at India House sought to showcase and promote Indian spices in the American market. Vinay Mohan Kwatra emphasized that the Indian Embassy aims to raise awareness about Indian spices to make them more accessible to American households.<br /><br />
Laura Schumov, Executive Director of the ASTA, explained that the association works closely with the Indian Embassy and expressed hope that a bilateral trade agreement would open up new business opportunities between the two nations.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
