The agreement will allow up to 38 EU boats to fish in Senegalese waters in return for a €8.69 million payment by the EU.
This represents good value for money for both parties and, as with all of the EU's fishing partnerships, the agreement is based on the principles of resource sustainability, good governance, and local development.
As part of the deal the EU will invest €750,000 a year into developing the local fisheries sector.
In particular, support will be directed towards improving surveillance, combatting illegal fishing, and promoting scientific cooperation.
Local artisanal fishermen will also directly benefit from the conservation and rehabilitation of spawning areas and vulnerable ecosystems on which their livelihoods depend on.