$400 million for Newfoundland and Labrador fishery following CETA concessions

ST. JOHN’S, N.L. – Newfoundland and Labrador Premier Kathy Dunderdale has announced $400 million in fishery investments as the province moves to relax minimum processing requirements.

Dunderdale says the federal government will fund $280 million of the total fund for research and marketing.

The deal follows concessions the province has made toward Canada’s Comprehensive Economic and Trade Agreement with the European Union.

The pact is not expected to take effect for two years but would open up lucrative European seafood markets for the province’s troubled fishery.

Dunderdale has said that she fought hard to speed up tariff-free access while protecting plant workers’ jobs.

She has said that easing minimum fish processing rules for CETA exports won’t pose a major threat because of high European labour costs.