The President of Palau, Tommy Remengesau, has proposed a bill which prohibits the commercial export of highly migratory fish and bans foreign fishing vessels from Palau waters.
The President says the bill will put an end to the over-exploitation of Palau's highly-migratory fish populations by creating one of the largest sanctuaries in the Pacific.
The bill prohibits the commercial export of all highly migratory fish, including tuna, tuna-like species, billfish and sharks.
The bill would also ban foreign fishing vessels from fishing in Palau waters.
Companies presently licensed to fish in Palau have up to 2012 to wrap up their operations.
President Remengesau says the world's fish stocks, especially tuna, are rapidly declining and if allowed to continue unchecked, could lead to the collapse of the marine ecosystem that supports the planet.