The benefits are tremendous, Mr. Speaker.
In the fish and seafood sector, there will be a reduction of 18% in the tariff on cooked and peeled shrimp, a reduction of 6% on frozen lobster, a reduction of 8% on live lobster, a reduction of up to 25% on cod loins going into the European market, and a reduction in the tariff on snow crab. That is only the fish and seafood sector. All our primary industries, including the forestry sector, stand to gain.
Most importantly, and quite frankly overlooked entirely by the province of Newfoundland and Labrador and by most of the provinces, P.E.I. being a good example, is the services sector. The services sector is a strong sector in Newfoundland. Almost 50% of Newfoundland's GDP is in the services sector. It will have open access to the EU services marketplace. It will be able to bid on that. It will have qualifications for our technicians and engineers.
There will be open trade between Canada and the EU, not just in goods but in people. The opportunities that will arise from that alone are worth a fortune.
The list goes on and on.