26 Feb 2010

Pacific nations to seek higher tuna revenues

1:33 pm on 26 February 2010

Leaders of Pacific nations whose waters provide a quarter of the world's tuna fish, are forming a cartel to increase their share of the revenues.

The BBC reports the industry generates $US2 billion per year, but their portion of the revenue from tuna is tiny.

The eight governments say they will restrict fishing in Pacific waters in order to preserve stocks. Competitive bidding is to be introduced for fishing rights.