Indian Economy News

Department of Commerce Organises Chintan Shivir on Opportunities for Seafood Sector under India-EFTA TEPA

On July 3, 2026, the Department of Commerce, Government of India, organised a Chintan Shivir on “Opportunities for the Seafood Sector under the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA)” at the Chennai Trade Centre, alongside Seafood Expo Bharat 2026. The session brought together senior government officials, industry representatives and seafood exporters to deliberate on expanding India's seafood exports to EFTA member countries- Iceland, Liechtenstein, Norway and Switzerland. As India's first operational trade agreement with a European economic bloc, TEPA strengthens the country's trade engagement with Europe while creating new opportunities for exporters. The EFTA economies together account for a combined GDP of Rs. 166.95 lakh crore (US$ 1.79 trillion). The agreement also aims to facilitate Rs. 9.33 lakh crore (US$ 100 billion) in investments into India, support the creation of one million direct jobs and promote technology transfer, joint ventures and collaboration with niche technology firms.

The Chintan Shivir highlighted the significant market access benefits available to Indian seafood exporters under TEPA through tariff concessions. Iceland has eliminated its 55% import duty on feed, including fish feed, while Norway has reduced its 13.16% import duty on fish and shrimp feed to zero. Switzerland has also abolished its 18.05% import duty on fish fats and oils (excluding liver oil), improving export competitiveness for Indian businesses. During the event, representatives from Invest India, the Directorate General of Foreign Trade (DGFT), the Export Inspection Council (EIC) and the Federation of Indian Export Organisations (FIEO) outlined investment opportunities, export promotion schemes, quality standards and regulatory requirements. An interactive open-house session enabled exporters to discuss market access challenges and compliance issues, reinforcing the government's commitment to maximising TEPA's benefits and strengthening India's seafood exports to EFTA markets.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.