A Task Force was earlier formed to produce a “roadmap for domestication of the tuna industry as a means for revenue generation and to maximize economic returns from exploitation of tuna and other highly migratory fish stock harvested in Palau’s 200 mile Exclusive Economic Zone.”
The symposium is part of the task force’s task which is to sponsor a public forum on tuna fisheries.
Nanette Malsol, summit organizer said that the objectives of the task force for the promotion and development of the tuna industry in the private sector.
Foreign vessels are benefiting from the tuna industry and Palau ‘s private sector should benefit as well.
“We are missing out,” Malsol said in an interview.
The tuna industry in the region is a multi –billion industry , approximately $4 billion,but the region is getting a dismal profit from it.
The PNA said that the Pacific tuna fishery has a total access revenue of $60 million or a five percent of the traditional value annually.
In Palau , revenues generated from the tuna industry comes in the form of fish exports and vessel license fees From fish export, Palau receive less economic revenues.
The Palau government imposes a vessel licensing fee ranging from $3,000 to $5,000 a year while it implements an export tax of 35 cents per kilo.
From the symposium or as a result of the task force’s work, Palau can set a legislative framework on how the country can earn more from the industry.
Two days after the national tuna symposium, Pacific leaders will gather in Palau for the
first ever presidential summit onFeb. 25to set in place an OPEC-style organization to ensure the long-term sustainability of the tuna resources in the region.
Palau will host the historic summit which will be a gathering of the head of states to make commitments in controlling the tuna industry which President Johnson Toribiong considers a “ new gold” of the region.
The summit will bring together eight nations leaders such as Toribiong, Republic of the Marshall Islands president Iroij Jurelang Zedkaia, Federated States of Micronesia presidentEmmanuel Mori, Nauru president Marcus Stephen, Kiribati president Anote Tong, Solomon Islands Prime Minister Dr. Derek Sikua and Prime Minister of Tuvalu Apisai Ielemia.
Papua New Guinea Prime Minister Michael Somare will be represented by his Resources and Trade Minister Ben Semri.
These countries make upthe Parties to the Nauru Agreement.
The goal of the summit is to establish an OPEC –type body, the OPEC is in reference to the Organization of Petroleum Exporting Countries .
A Tuna Fisheries Policy Reform Symposium and a PNA and World Tuna Processors meeting will also be held prior to the presidential summit.
