8 Aug 2011

Micronesia benefits from PNA provisions

2:15 pm on 8 August 2011

The Marshall Islands and the Federated States of Micronesia are reaping the benefits of being members of the Parties to the Nauru Agreement.

The two each received 1 million US dollars for the fishing days scheme, which saw the two north Pacific nations sell some of their days to Papua New Guinea.

The trading of fishing days is part of a scheme that is putting the island nations in the driver's seat of the fishing industry.

Those involved control the bulk of tuna caught in the Pacific .

PNA Director, Dr Transform Aqorau, says trading is only possible because the eight PNA members are enforcing hard limits on fishing.

Dr Aqorau says once they reach their allowed effort, they close off their waters.

The Solomon Islands closed its waters in June when its allotted number of days for 2011 were used.

But its now preparing to buy 1,000 days from the Marshall Islands at a value of 2.5 million US dollars.

Dr Transform Aqorau says the PNA is now delivering its first major financial benefits after four years.