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Britain and Faroe Islands Agree on 2024 Fishing Opportunities

After recent negotiations between the United Kingdom and the Faroe Islands, the UK's fishing industry secures access to more than 2,200 metric tons (MT) of fishing opportunities in Faroese waters for 2024. This includes vital whitefish species, marking a significant agreement for both parties.

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Britain and Faroe Islands Agree on 2024 Fishing Opportunities
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"U.K. and Faroe Islands Conclude Annual Fisheries Negotiations"
Annually, the governments of the United Kingdom and the Faroe Islands engage in negotiations concerning quota exchanges and broader fisheries management measures within a bilateral framework agreement. This year's agreement ensures that U.K. fishermen will access over 2,200 metric tons (MT) of fishing opportunities in Faroese waters for 2024, encompassing key species like cod, haddock, saithe, as well as redfish, ling, flatfish, and others.
Both parties reaffirm their commitment to collaborating on monitoring, control, and surveillance measures, alongside scientific projects. The U.K. government hails this accord following similar negotiations with the European Union and Norway, granting its fishing industry access to 420,000 MT of fishing opportunities valued at up to GBP 700 million (USD 890.9 million, EUR 819.4 million) by the year's end.
U.K. Fisheries Minister Mark Spencer attributes these "strong deals" to the nation's newfound ability to negotiate as an independent coastal state post its departure from the E.U., aiming to foster a profitable and sustainable U.K. fishing industry while protecting the marine environment.
In exchange for the allocated Faroese fishing opportunities, the U.K. has transferred key stocks to the Faroe Islands, including 850 MT of Greenland halibut and 400 MT of haddock. The negotiations further outline that the Faroe Islands may request a quota review meeting once they have fished at least 90 percent of the U.K.'s initial transfer of 400 MT. Additionally, should the request be made by June 15, 2024, both parties will reconvene to discuss an additional transfer of up to 1,600 MT of haddock in U.K. waters, potentially increasing the total transfer to 2,000 MT.
 
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