Pakistan eyes $200 million from tuna exports under new fishing quota
Pakistan's Maritime Affairs Ministry said in a press release on Saturday that the IOTC has issued Islamabad a new tuna fishing quota of 25,000 metric tons, which comprises 15,000 tons of Yellowfin Tuna and 10,000 tons of Skipjack Tuna.
The IOTC is an intergovernmental body comprising 30 member states, established under the United Nations Food and Agriculture Organization (FAO). Its mandate is to manage tuna and related species in the Indian Ocean by promoting sustainable use through scientific research, quota distribution, and regulatory frameworks.
'This is a landmark achievement that promises significant foreign exchange earnings,' Chaudhry was quoted as saying by the ministry on Saturday.
'With international prices for these tuna species ranging between $5 and $7 per kilogram, and potentially higher with value-added processing, the economic potential is enormous.'
The minister described the development as a 'turning point' for the country's tuna sector. He noted that though Pakistan currently catches more than 45,000 metric tons of tuna each year, much of it has been escaping the formal economy due to unregulated operations.
Chaudhry said to realize the potential of tuna fish as an economic resource, the government has undertaken reforms such as introducing the National Fisheries and Aquaculture Policy.
He said the policy is aimed at unifying fragmented regulatory frameworks while promoting environmentally sound and revenue-generating fishing techniques.
'This policy framework supports Pakistan's obligations under international climate and marine conservation agreements,' the minister said.
Chaudhry said destructive fishing methods such as gillnetting and trawling are being phased out, with the government replacing them with more selective and environmentally friendly longlining techniques.
'This transition reduces bycatch and supports ocean health in the face of climate-driven stressors such as warming waters and changing migration patterns,' he said.
He said the government has undertaken reforms such as the revision of certification and testing fees for seafood exports, resulting in a revenue increase from Rs48 million [$168,960] to Rs250 million [$880,000].
Finance Minister Muhammad Aurangzeb has repeatedly spoken of the government's intentions to put Pakistan on the path to sustainable economic progress through exports.
The South Asian country hopes to increase its exports to escape a prolonged macroeconomic crisis that decreased its foreign exchange reserves and weakened its national currency, especially in 2023, before the government undertook fiscal reforms.
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