Piyush Goyal Bullish On Exports To EU Amid US Tariff Turmoil

(MENAFN- IANS) New Delhi, Sep 21 (IANS) Commerce and Industry Minister Piyush Goyal on Sunday highlighted that the EU approval of 102 new Indian fishery establishments last week would boost seafood exports to Europe amid the US tariff hike, while the progress made in the talks with the EU Commissioners in Delhi is likely to lead to a ground-breaking free trade agreement by the year-end.

In a round-up of the Commerce Ministry's activities over the past week, the minister said that an increase in seafood exports to Europe would generate more jobs in India and increase the country's foreign exchange earnings.

The number of EU-approved Indian seafood export units has increased to 604 -- marking an enormous step forward in enhancing India's presence in the highly lucrative European seafood market.

The minister also said he hosted EU Commissioners Maros Sefcovic and Christophe Hansen for the 13th round of India-EU FTA negotiations. At a joint business interaction and a session with ACMA, he highlighted the strong momentum towards a balanced, ground-breaking deal by year-end. The agreement aims to boost trade, investment, and technology, with a specific focus on strengthening India's automotive component sector, he said.

Goyal also addressed FADA's 7th Auto Retail Conclave during the week, where he stressed the sector's vital role as a bridge between consumers and industry. He also called for stronger after-sales support and noted that ongoing FTAs will further boost global participation.

He further stated that the inauguration of the APEDA's first office in Patna would support farmers, FPOs, and exporters. A seven metric ton consignment of GI-tagged Mithila Makhana was flagged off to New Zealand, Canada, and the USA, empowering local farmer groups and women-led enterprises.

Until now, exporters from Bihar were reliant on APEDA's regional office in Varanasi. The new office will offer direct support to FPOs, FPCs and exporters, significantly reducing turnaround time for addressing exporter queries and strengthening coordination with state-level institutions.

Goyal also mentioned that the Export Credit Guarantee Corporation of India reported a record Rs 8.55 lakh crore in export support for FY 2024-25, a 17 per cent growth that makes global trade safer for Indian exporters. This includes new initiatives like a 90 per cent credit insurance cover for banks lending to small exporters and a facilitation centre for exporters and banks.

The minister also addressed the 6th ISA Steel Conclave, where he urged the steel industry to boost self-reliance and reduce import dependence. Also highlighted plans for 50 million tonnes in steel exports in the near future and reaffirmed steel's role as the backbone of India's growth.

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