EU Approves 102 Indian Fisheries Establishments, Marine Exports Set to Surge
The European Union has approved 102 new Indian fisheries establishments for exports, increasing India's export capacity by 16%. This is expected to boost marine exports to the EU by over 20%. The approval comes after addressing Sanitary and Phytosanitary concerns and includes reinstatement of previously delisted establishments. India's marine exports to the EU were valued at $1.10 billion in FY 2023-24, making it the second-largest destination after the US. This development is particularly significant given the challenges faced in other markets, such as the 50% tariffs imposed by the US.
*this image is generated using AI for illustrative purposes only.
In a significant boost to India's marine products sector, the European Union has given the green light to 102 new Indian fisheries establishments for exports to the EU market. This development is expected to catalyze a substantial increase in India's marine exports to one of its key markets.
Expansion of Export Opportunities
The recent approval by the EU adds 16% more Indian export establishments by trade volume. The Commerce Ministry is optimistic about the immediate impact, projecting a rise of over 20% in trade volume. This expansion comes at a crucial time for India's marine products industry, which has been facing challenges in other major markets.
Current Export Landscape
India's marine exports to the EU were valued at $1.10 billion in the fiscal year 2023-24, underscoring the importance of this market. The EU stands as India's second-largest destination for marine products, following the United States. For context, the US market accounts for $2.50 billion, or 34.5% of India's total marine exports.
Addressing Sanitary and Phytosanitary Concerns
The approval follows a three-month period of engagement between Indian and EU counterparts, focusing on Sanitary and Phytosanitary (SPS) issues. European authorities conducted thorough reviews of risk assessments at the approved establishments, examining various aspects including feed, cutting processes, and cold storage facilities.
Reinstatement of Delisted Establishments
In a positive turn of events, all establishments that were previously delisted due to contamination concerns have now been reinstated. This development reflects the efforts made by Indian exporters to meet the stringent quality and safety standards required by the EU market.
Strategic Importance Amid Global Challenges
The EU's approval gains additional significance in light of the challenges faced by India's marine products sector in other markets. Notably, the industry is grappling with 50% tariffs imposed by the United States. Given India's heavy reliance on global markets for aquaculture and shrimp exports, the expanded access to the EU market provides a welcome opportunity for growth and diversification.
Outlook for the Sector
With this new approval, the Indian marine products sector is poised for growth in the European market. The anticipated 20% increase in trade volume is expected to partially offset the challenges faced in other international markets. This development not only boosts export potential but also reinforces the quality and safety standards of Indian marine products on the global stage.
As the sector adapts to these new opportunities, it will be crucial for Indian exporters to maintain the high standards required by the EU, ensuring sustainable growth in this vital market.
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