Seafood-pricing system is flawed and a new one needs to be in place by end of January, says report

A new report from the Newfoundland and Labrador government says the current seafood price-setting process is flawed, and it outlines the need for a formula-based system that would improve the industry for harvesters and plant owners. The report was sparked by a tie-up in the spring that delayed the start of the snow crab fishery. Prices were set at just $2.20 per pound at the start of the season, and the Fish, Food & Allied Workers union and Association of Seafood Producers failed to produce an agreeable pricing formula. It says the current process for price setting, which is done by a panel, is flawed — and that the panel has an “impossible task” when faced with a fluctuating market. >>click to read<< 17:56

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