12 Jul Iceland Eu Fishing Agreement

Iceland EU Fishing Agreement: What it Means for the Fishing Industry

The fishing industry is an important sector for both Iceland and the European Union (EU). The two have recently come to an agreement on fishing rights, quotas, and other related matters. In this article, we will explore what the Iceland EU Fishing Agreement means for the fishing industry and how it could impact the economy.

The Background

Iceland is known for its rich seafood resources, particularly fish. The country relies heavily on fishing as one of its primary industries, and it has been a major player in the European fishing industry for many years. However, in recent years, there has been a struggle for fishing rights between Iceland and the EU. The EU has been trying to secure greater access to Icelandic waters, but Iceland has been reluctant to agree to this.

The Agreement

Finally, in September 2021, Iceland and the EU reached an agreement on a new fishing deal. The agreement was welcomed by both parties, as it ensures stability in the fishing industry and allows for better planning and management of fish stocks. The key points of the agreement are as follows:

– The EU will have access to 25% of Iceland`s herring quota and 12.5% of its blue whiting quota.

– The EU will have access to Icelandic waters for five years, with the possibility of extension.

– Iceland will receive improved access to the EU market for its seafood products.

The Impact

The Iceland EU Fishing Agreement is significant for both Iceland and the EU. For Iceland, it means that the country will have more stability in the fishing industry and better access to the EU market. Iceland`s seafood industry is a major source of revenue for the country, and this agreement ensures that it can continue to grow.

For the EU, the agreement guarantees access to Icelandic waters for the next five years. This is significant as many EU countries rely on Icelandic seafood resources. The agreement also provides a framework for future negotiations between the two parties, which is essential for the long-term stability of the fishing industry.

Conclusion

The Iceland EU Fishing Agreement is a positive development for the fishing industry. It ensures stability and better access to resources for both Iceland and the EU. By working together, the two parties have created a framework for future negotiations and management of fish stocks. Overall, this agreement is a win-win for both parties and the fishing industry as a whole.