THE fisheries industry is expected to suffer about RM700 million in losses following the suspension of seafood exports to the European Union.

Deputy Agriculture and Agro-based Industry Minister Datuk Rohani Abdul Karim said the move was implemented voluntarily by Malaysia last month after talks in Brussels for failing to meet the EU's Food Veterinary Offices' requirements in 16 areas of operations.

Rohani said her ministry was taking remedial action and the cabinet had approved the establishment of a technical committee to deal with the issue.

This process to put in place measures to raise the industry's standards is expected to take three months.