Norway and the Faroe Islands agreed to mackerel quotas with EU officials late Wednesday in a five-year deal that allows them to catch a substantial portion of the North Atlantic supply without fear of EU sanctions. Iceland had been discussing the quotas for several years with those three parties, but had been unable to agree on standards. A recent set of negotiations in the long-running mackerel war broke down a week ago. With Iceland dropping out of talks, Norway and the Faroe Islands continued negotiating with the EU. Icelands economy is heavily dependent on fishing and strength in this industry has been a key component in its return to growth following a severe financial crisis a few years ago. The sparsely-populated Faroe Islands also depend on fishing. Norway, meanwhile, is a big player in global fish production but has deep reserves of oil and gas, somewhat lessening the reliance on fishing.
Posted on: Sun, 16 Mar 2014 20:55:40 +0000
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