November 25, 2015 — After five years of double-secret negotiations, the world has had its first look at the text of the 12-nation Trans-Pacific Partnership trade pact. All together, the 12 nations comprise nearly 40 percent of the global economy, and Maine lobster exporters are just one group that hopes this will crack open new markets.
If the trade pact is accepted, more than 18,000 tariffs would be reduced or eliminated, including those Pacific rim nations levy on Maine lobsters.
And Maine lobster exporters see the elimination of tariffs to prized agricultural markets in Asia, especially Japan, as an opportunity to export more of the valuable commodity.
Already, Maine lobster exports have soared in value to $366 million in 2014 from $185 million in 2010, according to data from the Maine International Trade Center.
For Calendar Island Lobster Co. in Portland, exports of frozen and processed lobster are big business, accounting for nearly 60 percent of sales, with the lion’s share shipped to consumers in Asia, said Emily Lane, vice president of export sales and marketing. The trade pact has benefits for lobstermen and suppliers, Lane said.
“I think it’s going to open a lot of markets in an area of the world where there is one of the largest consumer populations,” she said.
Eyeing Japan
Already Maine lobsters are appearing more frequently on menus in Asia. Much of this growth has been in China, South Korea and Hong Kong, none of which took part in the recent trade negotiations.
With trade barriers expected to come down in other Asian emerging markets, Lane hopes to see growth in exports to that part of the world, Japan in particular.
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