The Government of Canada is increasing support for canola farmers affected by the ongoing trade dispute with China.
Agriculture Minister Marie-Claude Bibeau announced changes to the Advanced Payment Program that will compensate farmers for the loss of income from canola.
The maximum loan amount will increase from $400,000 to $1,000,000 with the interest free portion increasing from $100,000 to $500,000.
The government will also be extending the AgriStability deadline by two months to July 2nd from April 30th.
International Trade Diversification Minister Jim Carr stated that he will be heading to Japan and South Korea in early June looking for new markets to import Canadian canola. He will also be promoting canola in his ventures to trade conferences in France and Chile.
The government’s announcement comes after China blocked imports of canola, in what some say is a response to the arrest of a Huawei executive. China imported $2.7 billion worth of Canadian canola last year.
