'Landmark agreement' reached on lucrative surf clam fishery

An agreement on the Arctic surf clam fishery has been reached between 14 First Nations in Nova Scotia and Newfoundland and Labrador and Clearwater Seafoods Inc.

A joint news release issued Monday night said all parties will benefit from the new 50-year agreement.

"We have reached what I call a landmark agreement with Clearwater that proactively distributes millions of dollars in revenue sharing and capacity building benefits from the offshore clam fishery to all of our 14 First Nations in Nova Scotia and Newfoundland," saidChiefTerrance Paulof Membertou First Nation and co-chair of the Assembly of Nova Scotia Mi'kmaq Chiefs.

Paul told CBC Newsthe agreement benefits allMi'kmaw First Nationssituated next to the Arctic surf clam resource.

Arctic surf clam is abright red,tongue-shaped seafood that's exported to Asia for sushi and the lucrative export is worth tens of millions of dollars. Revenues topped $100 million in 2017.

In a conference callwith investors on Tuesday, Clearwater CEO Ian Smith said the deal will change the face of the company for the better.

"Nothing like this has been done in the industry before at this level of collaboration between a traditional commercial player and First Nations partners," he said.

"It builds on our existing relationships and we are incredibly proud to be partnering with First Nations in Atlantic Canada to take this forward."

Paul and Smith saidthe agreement protects existing jobs in the Arctic surf clam fishery in Nova Scotia and Newfoundland.

Benefits retroactive to January

The voluntary agreement will be effective immediately and all benefits to the participating First Nations areretroactive to January 2019.

According to Smith and Paul, the agreement will provide millions of dollars in benefits to First Nationsthrough annual revenue sharing, training, leadership development as well asprocurement of goods and services from Indigenous suppliers.

In September 2018,Fisheries and Oceans Canada said it would look for an Indigenous entity to hold alicence for the 2020 fishery.

Clearwater has had a monopoly for nearly 20 years on the Arctic surf clamfishery.

The federal department tried to give a quarter of the current quota to a First Nations entity in 2018, but cancelled those plans in July without an explanation.