Ottawa increases loan limits for canola farmers to $1 million amid China trade dispute

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OTTAWA – The federal authorities is rolling out modifications to a fee program for canola farmers to assist these affected by China’s resolution to ban the Canadian product.

Agriculture Minister Marie-Claude Bibeau says the utmost mortgage restrict via this system shall be boosted to $1 million from $400,000, and the portion that shall be curiosity free is rising to $500,000 from $100,000.

READ MORE: After canola, different Canadian exports see obstacles in commerce with China

The federal government’s announcement comes after China barred Canadian canola from two of the nation’s greatest exporters in what is taken into account retaliation for the detention of Huawei government Meng Wanzhou.

China imported $2.7 billion price of Canadian canola seed final yr, which ensures any extended blockage will harm farmers, the business and the broader economic system.

Commerce Diversification Minister Jim Carr says he’ll lead a canola commerce mission to Japan and South Korea in early June to assist farmer discover new markets for his or her product.

He additionally says he shall be selling canola in all of his upcoming visits, together with in France.

WATCH: Highlights from press convention saying new mortgage limits for canola farmers 


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