Expansion of Indian Fishery Exports to the EU
The European Union (EU) has approved 102 new Indian fishery establishments for export to EU countries. This development aligns with a strategic move following the imposition of a 50% tariff on Indian seafood exports to the US.
Key Highlights
- Expansion of Market Access:
- The new EU listing demonstrates increased confidence in India's food safety and quality assurance systems.
- These establishments primarily focus on aquaculture shrimps and cephalopods, including squid, cuttlefish, and octopus.
- Impact on Indian Seafood Industry:
- The inclusion of these establishments is expected to enhance India's reputation as a reliable supplier of high-quality seafood.
- Exports to the EU are anticipated to rise by 20%.
- In FY24, India exported seafood worth $1.1 billion to the EU.
- India-EU Trade Relations:
- Negotiations for a free trade agreement (FTA) with the EU are ongoing, led by European Commissioner for Trade Maros Sefcovic and Commissioner for Agriculture Christophe Hansen.
- The EU is one of India's significant trading partners, accounting for €124 billion worth of trade in goods in 2023, representing 12.2% of India's total trade.
- India contributed to 2.2% of the EU's total trade in goods in 2023.
