India’s Seafood Exports To UK Set For 70% Growth Under New Trade Deal | Economy News
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India’s seafood industry expects 70% export growth to the UK under CETA, driven by tariff eliminations. The FTA, signed during PM Modi’s UK visit, boosts exports.
The fisheries sector, supporting 28 million livelihoods and contributing 8% to global fish production, has seen robust growth.
India’s seafood industry is poised for 70 per cent export growth to UK under the Comprehensive Economic and Trade Agreement (CETA), driven by the elimination of tariffs on a wide range of marine products, according to DD News report.
India and the United Kingdom signed a landmark Free Trade Agreement (FTA) on July 24 —a deal anticipated to open up billions of dollars in trade and investment opportunities for both countries.
The signing came as Prime Minister Narendra Modi made a visit to the UK—his fourth since assuming office in 2014. During the trip, he is scheduled to hold comprehensive talks with British Prime Minister Keir Starmer before departing for the Maldives on July 25.
The FTA with UK is expected to boost the export of labour-intensive items such as gems, jewellery, textiles, marine products, leather, footwear, sports goods and toys. According to a statement by the commerce ministry, other key exports like engineering goods, auto parts and engines and organic chemicals are also expected to get a boost.
Grants Zero-Duty Access On 99% Tariff Lines
The agreement offers zero-duty access on 99% of tariff lines, significantly improving the competitiveness of Indian seafood in the UK market, added DD News report. Key export items such as Vannamei shrimp, black tiger shrimp, frozen squid, lobsters, and pomfret will now enter duty-free—products that were earlier subject to duties between 0% and 21.5%. The deal covers fish, crustaceans, molluscs, fish oils, preserved seafood, fish meal, and fishing gear, though certain items like sausages (HS Code 1601) remain outside its scope.
India’s Seafood Export
In FY25, India’s seafood exports stood at $7.38 billion (Rs 60,523 crore), with frozen shrimp alone contributing $4.88 billion (66%), as per DD News report. The UK accounted for $104 million, including $80 million worth of frozen shrimp, yet India holds just a 2.25% share in the UK’s $5.4 billion seafood import market. With the new duty-free access, Indian exporters are now better placed to compete with nations like Vietnam and Singapore, which already enjoy free trade benefits with the UK.
India’s fisheries sector supports 28 million livelihoods and contributes 8% of global fish production. From 2014–15 to 2024–25, seafood exports grew 60% in volume to 16.85 lakh metric tonnes and 88% in value to Rs 62,408 crore. Coastal states like Andhra Pradesh, Kerala, Maharashtra, Tamil Nadu, and Gujarat are expected to lead the charge in leveraging CETA, provided they meet the UK’s stringent sanitary and phytosanitary standards.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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