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Live western rock lobster will quickly be exported to India following profitable negotiations between a West Australian firm and an Indian distribution firm.
Key factors:
- Legislation implementing the Australia-India Economic Cooperation and Trade Agreement handed by parliament this week
- It opens commerce doorways, such because the negotiated settlement to ship WA lobster to Indian motels
- Once the settlement is enacted, different commodities like mandarins and lamb could possibly be despatched to new Indian markets
After its signature in April this yr, laws implementing the Australia-India Economic Cooperation and Trade Agreement (ECTA) handed by federal parliament this week, alongside the Australia-United Kingdom Free Trade Agreement (Australia-UK FTA).
Trade minister Don Farrell mentioned the commerce agreements would begin “30 days, or another mutually agreed time, after the respective parties have confirmed in writing that they have completed their domestic requirements”.
Once the commerce settlement is enacted, the 30-per-cent import tariff on reside Australian lobster into India will likely be eliminated.
WA’s greatest lobster exporter, The Geraldton Fishermen’s Cooperative, will ship a “modest” quantity of lobster to high-end eating places and lodge chains and can work to develop additional markets in India.
A 30-per-cent tariff on frozen lobster merchandise and different seafood like fish will likely be eliminated over seven years.
It’s welcome information for the lobster trade, which has struggled with costs after dropping its fundamental buyer China in 2020.
Interest in oats, citrus and wine
WA Department of Primary Industries and Regional Development supervisor of funding providers Susan Hall mentioned India was a small however vital marketplace for WA produce.
In July this yr, greater than 110 delegates from WA companies travelled to 4 Indian cities over 10 days to develop relationships and conduct enterprise matching.
Ms Hall mentioned 200 kilograms of western rock lobster travelled to India with the group, which marked the primary rock lobster to be imported from Australia into India.
“Trade is a marathon, not a sprint, but we’re already seeing some great commercial outcomes with the rock lobster in particular,” she mentioned.
Additionally, there’s potential for different Australian produce to be imported to India, Ms Hall says.
“We’re also seeing interest across other products like citrus and oats,” she mentioned.
“We already export a good volume of oats into India but, if there’s supply chain capacity … there’s quite a lot of interest for products like oat milk.”
Ms Hall mentioned there would even be a discount in wine tariffs to permit premium wines to be imported to India.
“We’d like to see the opportunity for high-end hotels in particular to be able to look at West Australian wine,” she mentioned.
With the Indian inhabitants at about 1 billion, Ms Hall mentioned the proportion of people with a excessive web value was about 30 million.
“There are more high-net-worth individuals in India than there are people in Australia,” she mentioned.
“That makes a huge market for our premium products like lamb, lobster and wine.”
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