The European Union and Greenland have entered into a new sustainable fisheries partnership agreement (SFPA) and protocol that will cover a firm period of four years with the possibility of a two-year extension, the European Commission (EC) said in a recent press release.
The agreement will allow the EU fleet to continue fishing in Greenland waters for a duration of four to six years while continuing to contribute to the development of the fisheries sector in Greenland.
The fishing opportunities of the agreement are for the same species as in the current protocol (cod, redfish, Greenland halibut, northern prawn, capelin and grenadier).
Fishing opportunities for mackerel have also been included in the agreement at a zero TAC level. Any quota of mackerel transferred by Greenland in the future will be dependent on the participation of Greenland as a signatory, with the EU, to the Coastal States Sharing Arrangement on the management of mackerel.
The reference prices have been updated taking into account current market prices.
The total annual financial contribution to Greenland will be €21.6 million (US$26 million). A significant part of this contribution, €2.9 million (US$3.5 million) per year, is earmarked to promote the development of the fisheries sector in Greenland.
For the whole duration of the protocol, the total estimated value amounts to €130 million (US$156.8 million).
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