This agreement establishes the terms and conditions pertaining to the fishing company’s utilization of fisheries resources within the EEZ of the Federated States of Micronesia.
The agreement authorizes 20 longline fishing vessels to fish and operate with the FSM EEZ.
Under the agreement, each vessel willay a registration, observer, and license fee.
All registration and observer fees are standard at $300 each.
Pursuant to Section 405 of Title 24 of the FSM Code, this agreement had to be approved by the FSM Congress, which did so last month.
According to Congressional Standing Committee Report 15-183 this agreement “is the third agreement that the Authority is reviewing because previous agreements with the same company involved less than nine vessels, but this will be the first agreement that comes to the Committee on Resources and Development for review. The agreement is a two-year agreement…[because] the company has had a good record of compliance with the Authority.”
A representative from NORMA stated that the potential revenue that could be generated from this agreement would be approximately $680,000 if the company opted for quarterly permits.
