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Vietman has announced that the EU and Russia will receive 19.5 per cent of its pangasius exports this year as the reduced tariff trade agreement with the EU has benefitted the Southeast Asian country
According to Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam and the EU negotiation round that took place in January 2015 resulted in tax reduction on pangasius as well as other seafood exports.
VASEP added that the exported value to the EU last year represented an 11 per cent decline compared to 2013.
“Despite the declines in recent years, Vietnam holds over 95 per cent of the pangasius market share and has maintained its position as the leading pangasius and catfish provider to the EU market in 2014,” noted the association.
The present average tariff on frozen fish fillets is 6.88 per cent and tariff on frozen pangasius fillets is 5.5 per cent. However, with the new trade deal tariff and non-tariff barriers will be lifted giving processors from Vietnam more opportunities to expand markets, import materials for processing and re-exporting to the EU.
Another benefit of the new agreement is the support that the EU will provide to Vietnamese businesses with investments and technical transfer to sustainably access the EU market and attract foreign investments into Vietnam.