Common Fisheries Policy

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A fishing policy agreed between members of the European Community (EC) in 1983. An earlier agreement of 1971 introduced the principle of free access to European Community waters and a single fishing market. The key elements resulting from the 1983 agreement were: the setting of a Total Annual Catch (TAC) for the Community, which aimed to ensure conservation of stocks; a national TAC allocation; schemes for fleet restructuring; and negotiation with ‘third party’ nations. A radical reform of the policy imposing severe cuts in fishing quotas was agreed in 2002.

Subjects: Financial Institutions and Services — Law.

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