EU Expands Market Access for Indian Seafood

The European Union has greenlit 102 more Indian marine product units for export, a significant step that enhances India's seafood trade potential. The EU, India's second-largest seafood market, now lists a total of 604 Indian units, with exports anticipated to climb by 20% as a result.

In the 2023-24 fiscal year, India's seafood exports to the EU amounted to USD 1.1 billion. The inclusive move opens up lucrative opportunities for Indian exporters, especially in light of the 50% tariff imposed by the United States on Indian shrimp. India's seafood, particularly shrimp exports, is set to diversify and expand with this development.

The sector's growth reflects a long-awaited victory for Indian suppliers who have aimed to meet EU standards. This approval signifies confidence in India's food safety systems, enhancing market access for aquaculture shrimp and cephalopods like squid, cuttlefish, and octopus. Coastal states and Union Territories now stand to benefit significantly from the EU's increased demand.

(With inputs from agencies.)