All five members of the authority were present: Ricky Carl, representing Pohnpei; Sen. Robert Taulung representing Kosrae; Thomas Tamangmow representing Yap; Romio Osiena representing Chuuk; and Foreign Affairs Secretary Lorin S. Robert.
The association operates one of the largest purse seine fleet — approximately 34 vessels — operating in the region, including the FSM EEZ. The FSM EEZ remains one of the association’s productive areas of operation.
The current bilateral fishing agreement, which will expire on May 17, involved licensing all 34 fishing vessels for six months to fish in FSM EEZ with a fee of $45,000 per vessel.
The parties renewed their agreement with a new licensing system using the vessel day scheme, or VDS. Instead of the usual licensing by the number of vessels, the association will have to buy days for its fleet.
This newly concluded agreement will bring in over $100,000 per vessel.
This has the potential to increase further as the vessels need and purchase more days.
The newly settled bilateral agreement is breaking new ground, being the first purse seine bilateral agreement to incorporate the VDS and the third arrangement implementing the Nauru Agreement.
The new agreement will be transmitted to the FSM Congress for review and further action.
