Tasmania, Australia – Tassal, Australia’s leading salmon producer and a member of the global Cooke Seafood group, is seizing the opportunity created by tariff reductions under the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) to enter the potentially lucrative South Asian market.
The company, which specializes in Atlantic salmon production across five marine farming zones and four land-based freshwater hatcheries in southern Tasmania, has been collaborating with Austrade, Australia’s national investment promotion agency, to facilitate trade with India.
Until recently, high import tariffs of 30% made India an impractical market for Tassal. However, AI-ECTA has significantly improved the prospects for the company. Under the agreement, the import tariff has been reduced to 21%, and it is set to drop further to 17% starting in 2024. These tariff reductions are expected to open up substantial export opportunities for Tassal.
Matt Vince, Tassal’s Head of Sales and Marketing, expressed enthusiasm about the company’s venture into India, saying, “We have always been interested in India, but the previous 30% import tariff was too high.” With the tariff reductions, Tassal aims to boost its salmon exports to India from the current 30 tonnes to 100 tonnes within the next 12 months
Tassal’s operations also extend beyond salmon farming. They include tiger prawn farming in northern Queensland, and in recent developments, the acquisition of Australia’s sole ocean-based barramundi farm at Cone Bay in Western Australia.
Exports constitute a significant portion of Tassal’s business, accounting for 25% of its operations. The company’s diverse range of products, encompassing salmon, prawns, as well as fresh, smoked, and frozen seafood, are distributed across several international markets. Southeast Asia stands as its largest market, followed by China, Japan, Korea, and the United States.
In recognition of its achievements, Tassal was named a finalist in the Agribusiness, Food, and Beverages category of the 2022 Australian Export Awards. With the doors to India’s market now more accessible than ever, Tassal’s expansion endeavors in South Asia represent a strategic move to further diversify and grow its global presence.
