Australian seafood gaining stronger foothold in UK through free trade agreement

Published 2024년 4월 17일

Tridge summary

The free trade agreement between Australia and the U.K., effective from 31 May 2023, has significantly boosted Australian seafood companies' efforts to penetrate the U.K. market, thanks to the immediate removal of tariffs on numerous seafood exports. This development has enhanced the competitiveness and availability of Australian seafood in the U.K., with products like Austral Fisheries’ Glacier 51 Toothfish and MSC-certified Fremantle octopus gaining early popularity. The agreement has attracted attention from prestigious retailers and restaurants, including Selfridges and Harrods, as well as online grocers, signaling a growing consumer interest in premium Australian seafood offerings in the U.K.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Australian seafood companies are increasingly targeting the U.K. market following the free trade agreement (FTA) between the two countries, which entered into effect 31 May 2023.The FTA brought an immediate end to tariffs on many Australian seafood exports, resulting in a “significant, positive impact” on most product categories, with savings realized on both importer and supplier sides, according to Ana Nishnianidze, the Australian Trade and Investment Commission’s (Austrade) trade and investment commissioner for the U.K. and Ireland.“What we’ve seen is a lot more interest in sourcing from Australia; it’s become much more competitive in terms of price,” she said.The number of Australian products available in the U.K. is likely to continue rising, too, as word spreads throughout the market and demand grows among consumers for premium offerings that are a bit out of the ordinary to them, according to Austrade.Since June of 2023, several Australian products have launched into retail ...

Source: Seafoodsource