“Newfoundland and Labrador has achieved landmark gains through the Comprehensive Economic and Trade Agreement between Canada and the European Union, which provides our fishing industry with unrestricted access to the richest seafood market in the world, and creates a C$400 million fund to advance the industry. Industry stakeholders agree that the terms of this free trade agreement will generate tremendous benefits, and so it was very disappointing to see members of the opposition voting against one of the greatest developments to ever happen to the provincial fishing industry and the rural communities that rely on it, and it begs the question – what is their vision for the future of the fishery?” said Keith Hutchings, Minister of Fisheries and Aquaculture.
Once the Comprehensive Economic and Trade Agreement (CETA) is implemented, it is expected to immediately add C$25 million back into the fishing industry, and establish new opportunities which could add over C$100 million to the industry.
The C$400 million federal-provincial fishery enhancement fund that the Provincial Government negotiated as part of CETA will be used to invest in research and development, new marketing initiatives, fisheries research, and enhancements to provincial fisheries infrastructure, all with the goal of improving the industry’s capacity to compete globally.
Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries, and building a vibrant economy.