Govt asks seafood exporters to explore new markets amid US tariff hike

Economic Times

4 days ago

New Delhi: The government on Monday asked seafood exporters to "bravely face" the current challenge of high US tariffs and explore alternative markets to ship shrimps and other fish varieties.
Addressing a press conference, Union Minister for Fisheries, Animal Husbandry and Dairying Rajiv Ranjan Singh said alternative markets are available for India's seafood exports.
"The EU, Japan, South Korea, UK, Russia, Australia, West Asia, South East Asia and many countries are available for export of Indian seafoods," he said. "We have asked them (exporters) to face the current challenge bravely. There are alternative markets available... Where there is a will, there is a way," Singh added.
The minister emphasised the need for improving value addition and packaging before reaching other markets.
"We have told them that before reaching other markets, there is a need to improve value addition and packing. We have asked to work in this direction," he noted. Singh also asked exporters to take advantage of the Fishery Infrastructure Development Fund to upgrade and strengthen value-addition, processing and packaging facilities. To address export concerns, the Marine Product Export Development Authority (MPEDA) has been asked to meet exporters in four major producing states and help them prepare for new markets. The minister said MPEDA will help identify specific fish varieties, value addition, and modernising processing and packing infrastructure. "We had a fruitful meeting. Some positive suggestions were made," the minister said.
Ministers of State for Fisheries, Animal Husbandry and Dairying S P Singh Baghel and George Kurian, and Fisheries Secretary Abhilaksh Likhi were also present. When asked if exporters demanded a financial package to tide over the current difficult situation, Singh said: "A few days back, the Prime Minister had clearly said that we will not compromise on the interest of farmers. All exporters said they side with the PM on this issue and accept the challenge and look for new avenues." Exporters have identified new markets and have started exploring them, he said. More than 50 individual exporters and representatives of key fish-growing states attended the meeting.
The minister said exporters have made certain suggestions to be included in the Pradhan Mantri Matsya Sampada Yojana (PMMSY) during the 16th Finance Commission. He said the government has come out with draft guidelines on fishing in high seas and Exclusive Economic Zones, and sought public comments within a month. "This will harness fisheries, especially tuna fish in Lakshadweep islands and Andaman and Nicobar and give a further boost to India's export," he added.
Last week, the US further increased reciprocal tariffs from 25 per cent to up to 50 per cent on Indian goods.