ST. JOHN'S, N.L. — October 30, 2013 — Newfoundland and Labrador Premier Kathy Dunderdale announced a $400-million fishery fund Tuesday as part of a move to lift rules protecting fish plant workers while securing free trade with Europe.
Dunderdale said the federal government would cover $280 million of the investment for research and marketing, while the province will kick in the rest.
The deal follows concessions the premier has made toward reaching 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 called the $400-million fund a historic injection that would be spread over three years starting in 2015 if CETA is finalized and signed as expected.