India-UK trade deal: What it means for seafood exports
India and the UK just signed a major trade deal (CETA) that drops tariffs on almost all Indian seafood heading to Britain.
This means Indian seafood will be more affordable in the UK, helping India grab a bigger slice of the UK's $5.4 billion seafood market and aiming for a 70% jump in exports.
Shrimp exports to the UK set to rise
Seafood exports from India to the UK are set to rise from $104 million to about $177 million over three years, based on a projected 70% increase, with shrimp making up most of that growth—shrimp alone accounts for 77% of these exports.
The tariff cut is especially good news for Gujarat's seafood industry, which could see higher demand and better prices.
Gujarat's seafood industry can expect a boost
Gujarat, already a key player in India's massive seafood industry, stands to benefit directly from this deal.
Local fishermen and exporters can expect more business and stronger prices, while India as a whole becomes more competitive against countries like Vietnam and Singapore that already have similar agreements with the UK.