Seafood, agriculture companies eye larger market share
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India's ₹60,000 crore seafood export industry, which has been facing tariff related uncertainties in its largest market in the US, could see duty-free access for Indian marine products to the UK under the FTA and double India's market share there."As the seafood sector faces challenging times due to the ongoing issues regarding the US tariffs, zero duty access to the UK will open a new market for the Indian seafood sector. We can double our existing exports to the UK in one or two years," said Pawan Kumar G, president, Seafood Exporters'Association of India.Under the India UK FTA, India will get access to the $5.4 billion UK marine market. The export of shrimp, tuna, fishmeal and feed has become 100% duty free bringing parity to Indian exporters with EU giants like Germany and the Netherlands, and an edge over the Southeast Asian competitors."The new FTA gives Indian seafood entry into the UK for all its products at 0% import duty against previously assessed between 4.5% to 15%. This gives Indian products a huge advantage over similar products from other Southeast Asian competitors like Vietnam, Indonesia and Thailand. We hope to take advantage of the FTA to increase our share of the pie in the UK," said Thomas Jose, director, Choice Group from Kerala.After the USA and China, the EU is the third largest market for Indian seafood exports . "Gujarat is an upcoming and major producer of shrimp after Andhra Pradesh and West Bengal. The duty-free access to the UK market will be a relief for seafood exporters and farmers, currently under duress due to the pressure in the US market," said Jagdish Fofandi, past president, Seafood Exporters Association of India Several agri goods such as fruits, vegetables, cereals, turmeric, pepper, cardamom, and processed goods like ready-to-eat food, mango pulp, pickles and pulses will also get access to the UK markets making Indian products more competitive.Over 95% of agricultural and processed food tariff lines will attract zero duty, a potential 20% boost to boost India's agri exports in the next three years, contributing to India's goal of $100 billion agri-exports by 2030."The trade deal will help Indian farmers earn higher income as well as upgrade to global standards. This will help in opening more trade gates to the developed world," said Sumit Gupta, CEO, WASEDA Global, an agri commodity exporter."The market for imports, so far small, will only grow with the FTA in place. We don't see any major competitive concerns for the mass and mid segments because that's where the majority of the domestic biscuits market is concentrated," said Mayank Shah, VP at biscuits and bakery maker Parle Products.
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