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<p>The majority of the Falklands' fisheries exports consists of Loligo squid. The
EU's non-preferential import duty on such squid stands at six per cent. A small proportion
of the Falkland Islands' other fisheries exports may face duties of up to 18 per cent.
Such tariffs could, according to the Falkland Islands' own calculations, result in
reduced profits to the industry of between £6 million and £9 million, depending on
whether or not the industry passed the cost of the tariff onto the consumer or absorbed
the cost of the tariff.</p>
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