India Secures EU Market Access for Seafood Amid US Tariff Challenges
India got EU market opened for seafood through active talks: Goyal
Business StandardImage: Business Standard
India has successfully negotiated with the European Union to open its seafood market, mitigating the impact of a 50% tariff imposed by the United States. Union Commerce and Industry Minister Piyush Goyal highlighted that over 125 Indian fishery establishments have now been registered, leading to a growth of 12-14% in seafood exports despite global uncertainties.
- 01India negotiated with the EU to open seafood market access.
- 02The US imposed a 50% tariff on Indian seafood, impacting exports.
- 03Over 125 Indian fishery establishments have been registered with the EU.
- 04Seafood exports grew by 12-14% last year despite global challenges.
- 05India aims for long-term trade opportunities through international agreements.
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India's Union Commerce and Industry Minister Piyush Goyal announced that the country has successfully negotiated access to the European Union market for seafood exports, a strategic move to counteract the negative impact of a 50% tariff imposed by the United States on Indian seafood. This tariff had significantly affected exports and raised concerns among fishermen. In response, the Indian government engaged with the EU to resolve regulatory issues that had previously hindered Indian shipments. As a result, more than 125 Indian fishery establishments have been registered with the EU, allowing India to regain access to a vital market. Despite global uncertainties, seafood exports recorded a growth of 12-14% last year, underscoring the importance of the EU market in global trade. Goyal emphasized that India's focus on securing long-term trade opportunities through free trade agreements is essential for the country's development goals, including expanding exports and creating employment.
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The opening of the EU market for Indian seafood is crucial for local fishermen, helping to stabilize their income and alleviate concerns caused by US tariffs. This access can lead to increased demand for Indian seafood, benefiting the fishing community.
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