The powerhouse of tuna fishing in the Pacific, the Parties to the Nauru Agreement, or PNA, is holding just its second leaders summit since inception in 1982.
The meeting in the Marshall Islands began on Wednesday night.
Leaders from the eight PNA countries will be updated on sustainable management of the fishery, its information system and controversial vessel day scheme.
They'll also hear from an Alaskan fishing company that went from foreign to local ownership.
The meeting was preceeded this month by a workshop in Majuro on forecasting and managing fishing revenues.
There it was revealed that in the last seven years fishing revenue for the PNA has increased from $US60 million annually to $US450 million due to the vessel day scheme.
At the workshop a representative from the Federated States of Micronesia noted the scheme faces challenges, including resistance from fleets and higher costs for fishing companies.