Federal Fisheries Minister Gail Shea

Federal Fisheries Minister Gail Shea says the P.E.I. lobster industry could benefit from CETA by opening up new markets. (CBC)

The struggling lobster industry could be helped by the Comprehensive Economic and Trade Agreement between Canada and Europe, says Federal Fisheries Minister Gail Shea.              

She says CETA may open up many new markets for P.E.I. companies.

The European Union is the largest trading block in the world with 500 million consumers. It's also the world's largest fish and seafood market. Under CETA, trade tariffs as high as 20 per cent on seafood will disappear, making Canadian products more competitive.

As the supply of lobster grows, industry and government have to ensure that market demand is there, said Shea.

"The lobster industry, it's a market of supply and demand, so, we as a government are working on the demand side opening trade agreements around the world to create more markets, but the industry has to soon step up and do that marketing," said Shea.

"And they are doing that in talking to many companies, they have diversified their markets a lot over the last 10 years."

Canada and the European Union will release final details of the deal next month.