The Maldives Seafood Processors and Exporters Association (MSPEA) has called on presidential candidates to stop pledging to set a minimum price for purchasing yellowfin tuna.
In a press statement released today, MSPEA said the industry would be adversely affected by a mandatory minimum price. Fishers are now offered an adequate price at the market rate and fixing a permanent price would be unsound, the association said.
"As an adequate price is being paid to fishers at the market rate, we believe that setting a minimum purchasing price for yellowfin tuna would not be sensible in consideration of business principles and that it would adversely affect this industry," MSPEA said.
The price of yellowfin tuna is determined by changes in the international market and global economy.
MSPEA warned of irrevocable losses if a price is fixed permanently in contravention of market principles. As the selling price of yellowfin tuna would fluctuate with changes in the global economy, the association said its members could face bankruptcy during an economic downturn.
Characterizing setting a minimum price as a flawed policy, MSPEA called on presidential candidates to seek constructive discussions with industry stakeholders.
The only candidate who has pledged to set a minimum yellowfin tuna purchasing price so far is Dr. Mohamed Muizzu, who is contesting on the opposition People's National Congress (PNC) ticket.
Despite opposition from fish exporters, the union representing yellowfin tuna fishers has been calling for a minimum purchasing price.
