If successful, the moves could result in no tariff on Ecuador shrimp exported to the European Union and would also ease the entry of shrimp into Brazil.
Minister of Foreign Trade, Francisco Rivadeneira, reported this week to the representatives of the shrimp sector that he seeks to eliminate the tariff on Ecuador shrimp to the EU.
This is part of the advances in the second round of negotiations for a trade agreement with the EU, which were held last week in Manta.
“If there is a winning sector if we close talks with the EU, is the shrimp,” he said.
Since 1971, the EU has had rules ensuring that exporters from developing countries pay lower duties on some or all of what they sell to the EU, under the Generalised System of Preferences (GSP) scheme.
Prior to the meeting, Jose Antonio Camposano, president of the National Chamber of Aquaculture, said the signing of the trade treaty with the EU is essential for the shrimp industry, because Ecuadorian shrimp, which currently enjoys GSP preferences with a 3.6% tariff for raw shrimp, would see the tariff go to 12% if no agreement is reached.
Ecuador has a 0% tariff on processed shrimp, as it is a GSP+ country. If it was not, the tariff would have gone from from 7% to 20% for processed shrimp, as has happened with Thailand.
The EU, on the other hand, reports that the meeting in Manta, Ecuador made progress towards the conclusion of the deal.
The proposal is for Ecuador to join the existing trade agreement between the EU and Columbia and Peru.
According to the European Commission, negotiators focused on four areas: trade in goods, services, access to government tenders and protection of geographical indications.
The round brought results in all these areas and significantly reduced the number of open issues. Nevertheless, some important matters are still on the table which will be discussed in a third round of talks.
The trade agreement signed in 2012 has been applying to trade with Peru since March 1, 2013 and with Colombia since Aug. 1, 2013.
The agreement opens up markets for European, Colombian and Peruvian exporters and could save them more than €500 million per year. Ecuador seems likely to join this agreement.
Camposano also said that the government should look at easing shrimp export barriers to Brazil. Brazil imports about 30,000 metric tons of shrimp per year, despite being a producing country itself.
Another request was that the release of the Ecuadorian shrimp exports to Brazil is managed. Camposano added that this nation, despite being a producer of shrimp, has a deficit of 30,000t.
Minister Rivadeneira confirmed that talks with Brazil on trade in both tuna and shrimp from Ecuador had begun.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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