Govt Secured EU Market Access To Offset Impact Of US Seafood Tariffs: Piyush Goyal

(MENAFN- KNN India) New Delhi, May 11 (KNN) Union Commerce and Industry Minister Piyush Goyal on Sunday said India proactively engaged with the European Union to open its market for Indian seafood exports, mitigating the impact of steep tariffs imposed by the United States.

Addressing reporters, Goyal stated that the government anticipated potential disruptions and acted quickly to secure alternative export destinations. He emphasised, "Our government works 24 hours. Often, even before a problem arises, we begin planning and action," PTI reported.

US Tariffs Trigger Industry Concerns

The minister noted that the US decision to impose a 50 per cent tariff on Indian seafood significantly affected exports and caused concern among fishermen.

"When America imposed a 50 per cent tariff on Indian seafood, our exports suffered a big setback. Fishermen were very worried. The Centre responded by engaging with the European Union and addressing regulatory bottlenecks that had earlier restricted Indian shipments," he highlighted.

Restoration of Export Approvals

Goyal said several Indian fishing establishments had earlier been delisted by the EU. However, India leveraged quality control measures and standards to push for their reinstatement. As a result, over 125 Indian fishery establishments have now been registered, restoring access to a key international market.

According to the minister, the strategy yielded positive results, with seafood exports growing by around 12–14 per cent last year despite global challenges. He highlighted the EU's significance as a large and stable importer in global trade.

Focus on Long-Term Trade Strategy

"If India has to become a developed nation, our international agreements must lay the foundation for the next 20-25 years. Expanding exports, boosting manufacturing and creating employment opportunities remain key priorities, and gaining access to major global markets is essential to achieve these goals," Goyal said, as quoted by PTI.

(KNN Bureau)

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