To ask Her Majesty's Government what assessment they have made of the impact on the Falkland Islands fishery exports to EU27 markets if World Trade Organisation tariffs were imposed; whether they estimate that there would be an annual loss to that industry; and if so, what they estimate such a loss would be.
The majority of the Falklands' fisheries exports consists of Loligo squid. The EU's non-preferential import duty on such squid stands at six per cent. A small proportion of the Falkland Islands' other fisheries exports may face duties of up to 18 per cent. Such tariffs could, according to the Falkland Islands' own calculations, result in reduced profits to the industry of between £6 million and £9 million, depending on whether or not the industry passed the cost of the tariff onto the consumer or absorbed the cost of the tariff.