Crab price negotiations have failed to reach an agreement.

The Association of Seafood Producers says they committed to discussions with the FFAW on the upcoming season, but regret to say that an agreement could not be reached.

Executive Director Jeff Loder says the ASP negotiated in good faith but best efforts to find a collaborative solution on a defining formula came to naught.

Snow crab is one of the most valuable fisheries in the province and is a major contributor to the overall $1.6 billion dollar fishing industry.

The FFAW says it is unable to comment on ongoing negotiations until final offers have been submitted.