$400 Million Fund to Create Economic Benefits for
Rural Families and Communities

Private Member’s Resolution Supports Using the $400 Million Federal-Provincial Fund to Drive Economic Growth in the Fishery

A resolution to support the recently announced $400 million federal-provincial fishery enhancement fund was passed today in the House of Assembly.

“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 $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?”
- The Honourable Keith Hutchings, Minister of Fisheries and Aquaculture

Once the Comprehensive Economic and Trade Agreement (CETA) is implemented, it is expected to immediately add $25 million back into the fishing industry, and establish new opportunities which could add over $100 million to the industry. The $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.

QUICK FACTS

• A Private Member’s Resolution was passed in the House of Assembly today that recognizes the gains achieved for Newfoundland and Labrador through CETA and supports the creation of a $400 million federal-provincial fund to advance the industry.
• The fund will be used for initiatives that include helping processors successfully enter new markets, helping harvesters pursue innovations and efficiencies with harvesting technology, supporting the development of new value added seafood products, and promoting seafood products throughout Europe.
• The current production value of the provincial fishing and aquaculture industry is approximately $1 billion; gains achieved through CETA are expected to significantly increase that value.

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Media contact:
Jason Card
Director of Communications
Department of Fisheries and Aquaculture
709-729-3733, 699-0470
jasoncard@gov.nl.ca 

BACKGROUNDER
Private Member’s Resolution to Support the Creation
of a $400 Million Fishery Enhancement Fund

Be it resolved that this Honourable House acknowledges the tremendous importance to Newfoundland and Labrador of the terms of the Comprehensive Economic and Trade Agreement-in-principle (CETA) between Canada and the European Union for which the Provincial Government successfully advocated; and supports the decision of the Federal and Provincial Governments to establish a $400 million fund to improve our fishing industry’s global competitiveness to capitalize more fully on the phenomenal opportunities that CETA will generate for Newfoundlanders and Labradorians.

2013 11 13             6:10 p.m.