The two parties also set out an associated Protocol of a 5-year duration, defining the fishing opportunities for EU vessels, the financial compensation to be paid by the EU and the modalities of support to be offered to the fishing sector of Liberia.
The Protocol provides the EU with fishing opportunities for 6500 tonnes of tuna and other highly migratory species, for 28 purse seiners and 6 long-line vessels.
In return, the EU will pay Liberia an annual compensation of €650,000, out of which 50 per cent is earmarked to support the fisheries policy of Liberia.
The Agreement and the Protocol are fully in line with the reformed Common Fisheries Policy (CFP) and will ensure that the fishing activities of EU vessels in Liberian waters will be carried out in respect of the principles of sustainability, good governance, transparency, non-discrimination and respect of human rights.
Control of fishing activities and catch reporting will be assured through the use of the Electronic Reporting System (ERS – Electronic logbooks) and Vessel Monitoring System (VMS).
Both parties have also committed to respect fully all the recommendations made by the International Commission for the Conservation of Atlantic Tunas (ICCAT).
This Protocol will also reinforce cooperation between the two parties, especially in their fight against illegal, unreported and unregulated (IUU) fishing.
Moreover, the agreement will help Liberia reinforce its fisheries monitoring, control and surveillance capacity, as well as to enhance scientific cooperation and promote the development of the fishing sector of Liberia.
The new Partnership Agreement is expected to contribute to Liberia's recovery after the Ebola crisis and is a sign of the EU's confidence in Liberia's economy.