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Canadian Albacore Loins In Future To Go Duty Free Into EU

Canadian albacore tuna loins will have their export duty cut and in seven years the product will enjoy duty free trade to the EU. The current 24 percent tax on frozen tuna loins shipped from Canada to Europe will be slashed by 2020.

The announcement was made by Canada’s Prime Minister, Stephen Harper, following four years of negotiations. The EU has signed a free-trade agreement that will pave the way for significant elimination of European tariffs on Canadian seafood exports.

Chris Sporer, executive director of the Seafood Producers Association of British Columbia, the westernmost province of Canada, remarked that the Canada-Europe Trade Agreement will enable local producers to expand into new markets. According to Sporer, the current tariffs on fish and seafood products into the EU can adversely affect competitiveness.

The association believes that there is growing demand for seafood consumption in the EU and customers are prepared to pay high prices. However, current high tariffs have caused difficulties in increasing exports to the member nations.

Canada will benefit from the commercial agreement in the improvement of its production revenue. The country will have preferential market access to 500 million EU nationals, mainly in the seafood and fish sectors. The agreement is expected to result in the EU market yielding USD 16.5 trillion in annual economic activity.