Based on the fishing opportunities and the newly negotiated reference prices, the EU will provide Greenland with an annual financial contribution of €16 500 000. A significant part of this contribution, €2 900 000 per year, is specifically earmarked to promote the development of the fisheries sector in Greenland. For the whole duration of the protocol, the estimated value amounts to €99 000 000. Additionally, EU ship-owners will pay license fees for the fishing opportunities.
This new SFPA represents an important step forward in the partnership between the EU and Greenland, which dates back to 1985. The new agreement upholds the principles of the common fisheries policy such as transparency, governance of fishing activities, non-discrimination, respect of the scientific advice and scientific cooperation on data collection and analysis. It complies with Greenland’s legislation and the management and scientific measures taken in the context of the Northwest Atlantic Fisheries Organisation (NAFO), Northeast Atlantic Fisheries Commission (NEAFC) and the International Council for the Exploration of the Sea (ICES). Through the new SFPA, cooperation on monitoring, control and surveillance on fishing activities will be further reinforced.
Each Party will now initiate the necessary legislative procedures for the signature and conclusion of the new agreement and its implementing protocol.