Currently, EU fishermen travel thousands of miles to the waters of the Falkland Islands to catch a particular species of squid, known as Loligo. But fishermen now fear Brexit could jeopardise the multimillion-pound industry and harm thousands of jobs in the islands and across the EU. Teslyn Barkman, who is in charge of natural resources management in the archipelago, has warned such a scenario could take place if Boris Johnson fails to agree a free trade agreement with the EU.
Squid fished in the waters of the British overseas territory currently accounts for a third of European consumption.
In addition, 94 percent of the fishing of the Loligo species is exported to the Spanish port of Vigo and sent to other EU states such as France.
The sale of squid from the region incurs no customs fees at present, because Britain and Spain both belong to the EU.
But Brexit could plunge the squid industry into chaos, unless a free trade agreement is reached between the two sides.
The UK Prime Minister has pledged he will not extend the EU transition period beyond December 31, 2020 meaning that he has to agree a comprehensive trade deal with the EU by the end of the year.
But, if one is not reached within this limited time frame, something EU chiefs doubt is achievable, Britain and the EU could be forced to trade under the terms of the World Trade Organisation (WTO).
WTO terms will mean tariffs are imposed on certain goods, including fish, something that Mr Barkman has warned would devastate the squid industry.
He warned the matter was of life or death for the islands, as squid is a key component of the economy in the Falklands.
2020 Express Newspapers