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In the FAO statement released on May 16, 2016, it reads that 30 members, including South Africa, Australia, Barbados, Chile, Costa Rica, Cuba, Dominica, European Union member organisations, and the United States of America, among others, having formally deposited their instruments of adherence, the count down to the entry into force of the PSMA is underway and on June 5, 2016, the world’s first ever binding international accord specifically targeting IUU fishing will become international law.
Collectively, the 29 countries and the European Union, which signed as a single party, have formally committed themselves through their instruments of adhesion to the agreement account for more than 62 per cent of worldwide fish imports and 49 per cent of fish exports which were $133 billion and $139 billion respectively, in 2013.
The statement noted that each year, IUU fishing is responsible for annual catches of up to 26 million tonnes with a value of up to $23 billion. It also undermines efforts to ensure sustainable fisheries and responsible fish stock management around the world.
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