New Delhi [India], July 6 (ANI): The Department of Commerce organised a Chintan Shivir on ‘Opportunities for the Seafood Sector under the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA)’ last week and stakeholders discussed investment opportunities, export facilitation and market access for seafood exports under TEPA.
TEPA is India’s first trade agreement with the four EFTA countries — Iceland, Liechtenstein, Norway and Switzerland. Collectively, the EFTA economies have a combined GDP of about USD 1.79 trillion and are major players in merchandise and services trade. It is also India’s first operational trade arrangement with a European economic bloc, complementing ongoing engagements with the EU and the UK.
The agreement aims to facilitate USD 100 billion in investments into India and support the creation of one million direct jobs. It also opens avenues for technology transfer, joint ventures and collaboration with niche firms from EFTA countries. For coastal states like Tamil Nadu, it is expected to significantly expand export opportunities for fishermen and seafood stakeholders.
The agreement offers substantial tariff benefits for Indian exporters. Iceland has eliminated its 55 per cent import duty on feed, including fish feed. Switzerland has cut duty on fats and oils of fish, other than liver oil, from 18.05 per cent to zero. Norway has removed its 13.16 per cent duty on feed, including fish and mp feed, bringing it to zero. These concessions are expected to improve market access and competitiveness for Indian seafood products in EFTA markets.
The session was attended by Joint Secretary, Department of Commerce, Mohit Yadav, along with representatives from Invest India, DGFT Regional Office Chennai, Export Inspection Council (EIC) and FIEO. Leading seafood exporters and businesses targeting EFTA markets also participated, a release said.
Yadav gave an overview of TEPA and highlighted trade and investment opportunities for Indian businesses. Invest India made a presentation on emerging investment opportunities across the seafood value chain. DGFT outlined export promotion and facilitation schemes to improve ease of doing business. EIC and FIEO shared inputs on regulatory requirements, quality standards and strategies to leverage TEPA benefits.
A key highlight was an interactive open-house where exporters engaged directly with officials on market access, compliance with international regulations, and ways to strengthen exports to EFTA.
The Chintan Shivir concluded with a commitment from government and industry to work together to maximise benefits from TEPA, leverage tariff concessions, and expand India’s seafood exports in EFTA markets. (ANI)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
