The EU-Faroe Islands Fisheries Agreement: What You Need to Know

The fisheries industry is a crucial sector for both the European Union (EU) and the Faroe Islands. As such, it is essential for both parties to reach an agreement that will ensure the sustainability of their fishing activities. The EU and the Faroe Islands have, therefore, negotiated a fisheries agreement that has been in effect since 1997.

What is the EU-Faroe Islands Fisheries Agreement?

The EU-Faroe Islands Fisheries Agreement is an agreement that regulates fishing activities between the EU and the Faroe Islands. It aims to ensure the responsible and sustainable management of fish stocks in the waters surrounding the Faroe Islands. The agreement covers a wide range of fisheries, including herring, mackerel, blue whiting, and redfish.

The agreement sets out the conditions under which EU vessels can fish in the waters of the Faroe Islands. These conditions include the allocation of fishing quotas, the payment of access fees, and the monitoring and control of fishing activities. The agreement also establishes a joint scientific committee that is responsible for providing scientific advice on the management of fish stocks.

What are the key provisions of the agreement?

One of the key provisions of the agreement is the allocation of fishing quotas. The quotas are based on the principle of relative stability, which means that each party is allocated a fixed percentage of the total allowable catch for each fish stock. The quotas are reviewed annually and adjusted if necessary.

Another key provision of the agreement is the payment of access fees. EU vessels are required to pay access fees for the right to fish in the waters of the Faroe Islands. The fees are calculated based on the fishing opportunities granted to EU vessels.

The agreement also sets out the monitoring and control provisions that apply to fishing activities. EU vessels are required to carry satellite tracking devices and to report their catches in real-time. The Faroe Islands authorities are responsible for monitoring fishing activities and enforcing the provisions of the agreement.

Why is the agreement important?

The EU-Faroe Islands Fisheries Agreement is important for several reasons. First, it ensures the sustainable management of fish stocks in the waters surrounding the Faroe Islands. This is essential for the long-term viability of the fisheries industry in both the EU and the Faroe Islands.

Second, the agreement provides for a fair and equitable sharing of fishing opportunities between the EU and the Faroe Islands. This is crucial for maintaining good relations between the two parties and ensuring the stability of the fisheries sector.

Finally, the agreement is an example of successful international cooperation on fisheries management. It demonstrates that, by working together, countries can achieve sustainable management of fish stocks and ensure the long-term viability of the fisheries industry.

In conclusion, the EU-Faroe Islands Fisheries Agreement is a crucial agreement that regulates fishing activities between the EU and the Faroe Islands. It ensures the responsible and sustainable management of fish stocks in the waters surrounding the Faroe Islands and provides for a fair and equitable sharing of fishing opportunities. The agreement is an example of successful international cooperation on fisheries management and is essential for the long-term viability of the fisheries industry in both the EU and the Faroe Islands.