 Foreign Fishing Agreement between NORMA and Hai Chan Yang, Ltd.Palikir, Pohnpei (FSM Information Services): April 1, 2009 - The FSM National Oceanic Resource Management Authority, NORMA, on behalf of the FSM, entered into a foreign fishing access agreement with Hai Chan Yang, Ltd., a Guam based fishing company. This agreement establishes the terms and conditions pertaining to the fishing company's utilization of fisheries resources within FSM EEZ. The agreement authorizes 20 longline fishing vessels to fish and operate with the FSM EEZ. Under the agreement, each vessel shall pay a registration, observer, and license fee. All registration and observer fees are standard at $300 each. Pursuant to Section 405 of Title 24 of the FSM Code, this Agreement is required to be approved by Congress, which it was during the last session of the 15th FSM Congress in March 2009. According to the Congressional Standing Committee Report No. 15-183" [...] this Agreement is the third agreement that the Authority is reviewing because previous agreements with the same company involved less than nine vessels, but this will be the first agreement that comes to the Committee on Resources and Development for review. The Agreement is a two-year agreement [...] [because] the company has had a good record of compliance with the Authority." A representative from NORMA stated that the potential revenue that could be generated from this agreement would be approximately $680,000 if the company opted for quarterly permits. |