The UK fishing industry will receive over 2,000 tonnes of fishing opportunities in Faroese waters, following annual negotiations with the Faroe Islands for 2025, the UK Government said on Monday, March 17.
Based on historical prices, those are valued at £5 million (US$6 million) to the UK.
The government said the agreement secures UK fishermen 880 tonnes of cod and haddock, 575 tonnes of saithe, as well as redfish, blue ling and ling, flatfish and other species in Faroese waters.
The agreement also reconfirms the UK and Faroese commitments to scientific cooperation and to establish a new joint compliance forum, which will allow the parties to share good practice on monitoring, control and surveillance.
The deal follows the conclusion of negotiations with the EU, Norway and other coastal states at the end of 2024. In total, this brings fishing opportunities secured for the UK fleet in 2025 in the main negotiating forums to 750,000, worth up £960 million (US$1.2 billion) based on historic landing prices.
"This agreement concludes the UK’s fisheries negotiations for 2025 and will see our fleet ready to take advantage of the quotas secured through these key negotiating forums," said Fisheries Minister Daniel Zeichner