Government of the Federated States of Micronesia

Fishing Agreement with Korea Deep Sea Fisheries Association deferred

Palikir, POHNPEI (FSM Information Service): November 25, 2005 – The First special session of the FSM Congress deferred action on the resolution to approve the fishing agreement between the Korea Deep Sea Fisheries Association and the National Oceanic Resources Management Authority (NORMA) that, if approved, would give the Korea fishing association five-year fishing access to the FSM waters and to lock in a steady income to the nation at an estimated $2,195,100 every year for five years. The agreement was concluded on October 22. 2005.

In his letter to Speaker Christian, Director Bernard Thoulag of the Authority indicated the Authority’s reasons of supporting the agreement as follows:

  1. The Agreement maintains the nation’s bilateral fisheries relationship with Korea;

  2. The Agreement assures the FSM revenues generating $ 2,195,100 a year;

  3. Additional economic benefits worth millions will be generated from transshipments in the FSM;

  4. The Agreement provides the Authority flexibility to implement any agreement measures it deems appropriate to protect the resources from over fishing including reducing the fleets capacity of introducing the vessel day scheme (VDS); and

Provides for the two countries to cooperate further in fisheries management and development activities.

The Congress will revisit the agreement in the January session, 2007.