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Coastal and island countries are increasingly looking to the sea to provide food and jobs for their growing populations in an uncertain global economy. Roughly one third of the world’s assessed fish stocks are considered overfished. Experience shows that well-managed ocean fisheries can provide large economic benefits. In fact, the World Bank estimates that ocean fisheries could provide US$83 billion more each year if better managed.
Many poorer coastal and island countries try to make money by selling access to their fish-abundant waters to companies from richer countries with large fishing fleets.
Such arrangements are widespread. An effort to track industrial fishing vessels, reported in the Science Advances journal in August, found that 78% of large-scale fishing in the waters of lower-income countries was carried out by vessels registered in higher-income nations...The data excluded the economic benefits from landing and processing fish in West Africa, because that is largely done abroad. Vessels typically catch fish in West African waters then transport them overseas for processing and consumption.
These findings do not capture the full economic picture of the trade in West Africa’s coastal fishery. The fact that some foreign fishing companies are applying for new licenses despite appearing to lose money is curious. It suggests they are receiving subsidies or under-reporting their catches. Both may be occurring but the data is too coarse to tell.
originally posted by: BeefNoMeat
Tragedy of the Commons.
I’ll go with “Underreporting Their Catches” for $1000, ElGoobero.
Underreported catches of pelagic fish is a problem.
originally posted by: seagull
a reply to: BeefNoMeat
It's something of a problem where commercial fishing is heavily regulated, such as here in the US...
In third world countries where enforcement will be less? Yeah, it'll be big issue.