Navigating New Waters: Indian Exporters Seek Alternatives Amid US Tariffs
Indian livestock and seafood exporters are searching for new markets, such as the UK, following a 50% tariff by the US. This move is crucial for maintaining global competitiveness, protecting jobs, and seeking broader market diversification, as expressed by industry body CLFMA of India.
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- India
In response to the recent US decision to impose a 50% tariff on Indian livestock and seafood exports, traders are looking to the UK and other markets for refuge. As the CLFMA of India reported, this tariff is a blow to price competitiveness for these industries.
Divya Kumar Gulati, CLFMA Chairman, emphasized the importance of markets like the UK, which now offer duty-free access, mirroring a proactive approach to safeguarding jobs and sustaining global competitiveness. Such strategic moves could potentially triple seafood exports to the UK, offsetting losses in the US.
Amidst this challenge, the industry advocates for government support to diversify markets further and urges the reinstatement of financial aid schemes like the Interest Equalisation Scheme. At a production level, a shift towards species diversification and value-added processing could strengthen India's global market presence.
(With inputs from agencies.)
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