OTTAWA: China has lowered tariffs on seafood, giving a fillip to Canadian industry. The lower tariffs became applicable from Jan. 1 this year to a wide variety of marine products.
The new tariff was announced by the Ministry of Commerce through its document titled “MFN Provisional Tariff Schedule for Imported Commodities.” The new tariffs are applicable to countries that are not yet benefiting from other preferential rates.
Canada is one of the countries that is set to get a boost from lowered rates. Nova Scotia is among the top seafood exporting provinces in Canada, exporting nearly $218 million worth of marine products as of October last year.
Krista Higdon, a spokeswoman for the Nova Scotia Department of Fisheries and Aquaculture, said “China is looking for high-quality products and Nova Scotia is looking forward to continuing to provide that.” The new tariffs are applicable to 17 marine products, which include frozen halibut, albacore, and crab. Canada has exported $634 million of seafood to China by October 2016.
China has also reduced tariff on northern shrimp or Pandalus borealis. The product is now charged at 2 percent rate, down from the previous 5 percent. The tariffs for other products have also been reduced significantly.
