The agreement signed between the EU and Central America is expected to lift as much as 15% of total shrimp exports from Honduras, one of Central American countries, to the European market, according to reports.

At present, the Honduras exported about 25 million pounds of shrimp to the markets of the UK, Spain and Germany.

"The increase in exports depends a lot on the market and the stability of the euro, but we think that this agreement aims to stimulate production," said Marco Polo Micheletti, executive director of the National Aquaculturists Association of Honduras (ANDAH).

"We see ourselves highly favoured by the elimination of 3.6% of the tariffs that the industry currently pays for the entry of shrimp to the European market, although the entrance in force will be up to two years from now," he added.

The EU will grant tariff-free, immediate access to 58.5% of agricultural products and 99.2% of the industrial sector from Central American countries.

Meanwhile, Central America offers immediate access to 34.1% of the EU's agricultural products and 50.2% of its industrial products.

The agreement will entail an increase in Central American exports to the European market of EUR 2.6 billion (US$3.2 billion) annually, whereas Europe's revenue is estimated to reach EUR 2.4 million (US$2.95 million).