India Seeks EU Market Access for Seafood Exports Amid US Tariff Challenges
India negotiates EU market access for seafood exports: Piyush Goyal
The Economic TimesImage: The Economic Times
India is negotiating with the European Union to facilitate seafood exports following the imposition of a 50% tariff by the United States. Commerce and Industry Minister Piyush Goyal emphasized the importance of accessing the EU market, which has a significant import demand, to support Indian fishermen and boost exports.
- 01India is negotiating with the EU to open its seafood market.
- 02The US imposed a 50% tariff on Indian seafood, impacting exports.
- 03Over 125 Indian fishery establishments have regained EU registration.
- 04Seafood exports grew by 12-14% last year despite global challenges.
- 05India aims for long-term trade opportunities through free trade agreements.
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India is in active negotiations with the European Union to open its market for seafood exports, a move prompted by the United States' imposition of a 50% tariff on Indian seafood. Commerce and Industry Minister Piyush Goyal stated that this tariff significantly impacted exports and caused distress among Indian fishermen. To mitigate these challenges, the Indian government has sought alternative markets, focusing on the EU, which has a substantial import demand. Goyal highlighted that over 125 Indian fishery establishments have been registered with the EU, restoring access to a crucial market. Despite global uncertainties, seafood exports have seen a growth of 12-14% last year. Goyal emphasized the importance of securing long-term trade opportunities through free trade agreements to boost manufacturing and create jobs, stating that gaining access to major global markets is essential for India's development goals.
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Access to the EU market is crucial for Indian fishermen, as it helps mitigate the financial impact of US tariffs and supports their livelihoods.
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