FFA Receives US$60 Million From The US Under Economic Assistance Agreement
The Pacific Islands Forum Fisheries Agency (FFA) has today received the US$60 million payment for 2024, under the Economic Assistance Agreement (EAA) associated with the Treaty on Fisheries with the Government of the United States of America.
FFA Director-General Noan David Pakop acknowledged the receipt of the payment, emphasising its importance to the 16 Pacific Island Parties that make up the FFA membership.
Earlier this week, the United States Government announced the release of the payment, which will be allocated to the Pacific Island Parties in accordance with the agreed distribution approach.
US Deputy Secretary of State Christopher Landau met with Pacific Islands Ambassadors and Representatives based in Washington to confirm the payment and reaffirm the US Government's ongoing support for the EAA. He highlighted the commitment to the annual payment of US$60 million over a 10-year period under the agreement, as well the strong relationship with the Pacific Island States.
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'This is a positive and welcome development, and a clear demonstration of the US Government's commitment to the EAA, the Treaty, and its cordial relationship with Pacific Island States,' stated FFA Director-General Noan David Pakop. 'We are confident that this initial payment will pave the way for the approval of the 2025 payment and future payments under the EAA.'
The Treaty came into force in 1988 and has been in effect for 37 years, involving fishing in the Exclusive Economic Zones (EEZs) of the Pacific Island Parties by US purse seine fishing vessels. Over the years, its terms and conditions, and final packages have been periodically renegotiated.
The latest renegotiation was concluded in June 2024, extending the Treaty for the next 10 years (2023-2033) with revised terms, conditions and a new financial package.
The Pacific Island Parties are: Australia, Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu.
About Pacific Islands Forum Fisheries Agency (FFA):
FFA assists its 17 Members to sustainably manage fishery resources that fall within their 200-mile Exclusive Economic Zones (EEZs). FFA provides expertise, technical assistance and other support to its members who make decisions about their tuna resources and participate in regional decision making on tuna management.
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