Despite 'major challenge' of US tariffs, India's seafood exports hit an all-time high, Pg8

Key Highlights:

• India's seafood exports reached an all-time high of ₹73,890 crore (USD 8.46 billion) in the 2025-26 financial year.
• This record achievement occurred despite a 58% tariff imposed by the United States, a major importer of Indian shrimp.
• Union Fisheries Minister Rajiv Ranjan Singh attributed the growth to Free Trade Agreements (FTAs) with various countries.
• The Letter of Authorisation (LoA) for sustainable high seas fishing was launched to expand India's fishing operations beyond coastal waters.

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Detailed Insights:

• The export value of ₹73,890 crore in 2025-26 marks a significant increase from ₹62,000 crore in the preceding year.
• The United States and China remained the principal importers of Indian seafood, with frozen shrimp contributing ₹49,037 crore as the leading export item.
• The 58% US tariff presented a substantial challenge, as the US accounts for over 40% of India's total shrimp exports.
• The newly introduced Letter of Authorisation (LoA) enables eligible Indian-flagged fishing vessels, including those from National Cooperative Exports Limited, to undertake regulated fishing in the high seas.
• This initiative aims to shift fishing activities beyond the current concentration within 40-50 nautical miles off the coast into deeper waters.
• The Centre has notified a framework for the sustainable harnessing of fisheries from the Indian Exclusive Economic Zone (EEZ) and high seas.

Key Concepts Involved:

• Letter of Authorisation (LoA): A permit issued to eligible Indian-flagged fishing vessels for regulated and sustainable fishing operations in the high seas.
• Free Trade Agreements (FTAs): Pacts between two or more countries to reduce or eliminate barriers to trade, fostering easier movement of goods and services.
• Exclusive Economic Zone (EEZ): An area extending up to 200 nautical miles from the baseline, where a coastal state has sovereign rights over marine resources.
• High Seas: All parts of the sea that are not included in the territorial sea or internal waters of any state, open to all states for various uses.
• Tariff: A tax or duty imposed on imported or exported goods, often used to regulate trade or protect domestic industries.